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Renesas Replaces CEO as Earnings Sag
Tokyo-based chipmaker Renesas Electronics Corp. says its chief financial officer will take over as president, CEO and representative director on July 1.
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Tokyo-based chipmaker Renesas Electronics Corp. says its chief financial officer will take over as president, CEO and representative director on July 1.
CFO Hidetoshi Shibata will replace Bunsei Kure, who has held the three positions since 2016. Kure had been reappointed to his posts in March. But the board’s 6-month-old nomination committee said yesterday that he has failed to meet performance expectations for the company, whose chips are used to control electronic features in cars.
Kure championed growth through acquisitions. But the board has grown restive about the strategy. The Nikkei says the turning point came this year after Kure reduced r&d spending and ordered major job cuts.
The deal multiplied Renesas’ interest-bearing debt fivefold to 965 billion yen ($9 billion). Renesas’ stock price has plummeted to one-third its peak in November 2017.
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