Renesas Electronics has announced that following the resignation of current CEO Bunsei Kure from his positions as representative director, president and CEO on 30 June 2019, Hidetoshi Shibata has been named its representative director, president and CEO, effective 1 July 2019.
The newly appointed president and CEO, Hidetoshi Shibata joined Renesas in 2013 when the company was in crisis, and as executive vice president, member of the Board and CFO, led the structural reform measures, such as personnel cost reductions, and the reorganisation of production sites, etc. After the structural reforms, he was instrumental in leading the acquisitions of two U.S.-based semiconductor companies, Intersil Corporation and Integrated Device Technology, which are critical measures for the company’s future growth.
The Nomination Committee, an advisory body reporting to the Board of Directors, reported the following reasons for selecting Hidetoshi Shibata as candidate for the next President and CEO.
“We evaluated Mr. Shibata highly for his experience in leading structural reforms, which will enable him to leverage the lessons learned to take effective measures quickly in order to break away from the current unfavorable business performance and stock price stagnation. When considering the company’s rebuilding and further growth amidst the rapidly changing semiconductor industry, we determined that he is best qualified to be the next President and CEO.”
“Whilst we face short-term challenges that require concerted efforts across the company, I believe that Renesas is well placed in our focus markets to continue to create innovative, sustainable solutions for our customers and society at large,” said Hidetoshi Shibata, Executive Vice President, Member of the Board and CFO. “I would like to thank the Board of Directors for their endorsement. I am humbled and ready, together with our hard-working colleagues, to lead Renesas into the future to continue to provide customers with industry-leading solutions, to maintain the positive momentum of the IDT integration process and to restore growth and corporate value for all the company’s stakeholders”.