Wed, Feb 20, 2013 - Page 15 News List

Renesas said to be mulling replacing its president this month

Bloomberg

Renesas Electronics Corp, the Japanese chipmaker getting a bailout from a state-backed fund, may replace president Yasushi Akao this month, a company official said.

The company may name Renesas senior vice president Tetsuya Tsurumaru to succeed Akao, said the official, who declined to be identified because the information is not yet public. Tsurumaru, 58, started at Hitachi Ltd in 1979 and spent most of his career in production after joining Renesas’s predecessor company in 2003, according to the manufacturer’s Web site.

The new president would take over in the midst of a restructuring effort that includes more than 10,500 job cuts announced since July as Renesas tries to recover from losses amid falling demand for its system LSI chips. The company plans to sell ¥150 billion (US$1.6 billion) of new shares to investors led by state-backed Innovation Network Corp of Japan as part of a bailout.

The Nikkei Shimbun said earlier yesterday that Tsurumaru would be named president. Renesas was not the source of the report, and no decision has been made, the Kawasaki-based company said in a statement to the Tokyo Stock Exchange.

Renesas, which supplies Apple Inc and Nintendo Co, widened its full-year net loss forecast to ¥176 billion on Feb. 8 because of lower-than-expected orders in the fourth quarter and charges to write down its assets.

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