Mexican Media Brands
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.
#electronics
Share
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.
RELATED CONTENT
-
2017 Honda Civic Hatch Sport Touring
Swindon, England, has what is called the “Magic Roundabout.” It consists of five roundabouts that surround a sixth.
-
2019 Honda Insight
One of the things that rarely gets the amount of attention that it should in a typical “car review” is the fact that for a considerable amount of time drivers are not “getting on the throttle” because for a considerable number of drivers, they’re “dwelling on the binders,” a.k.a., sitting with their foot depressed on the brakes, perhaps lifting every now and then in order to nudge forward in traffic.
-
Electric Motors for Aero and Auto
Rolls-Royce—the manufacturer of aircraft engines, not the one that makes high-end vehicles with four wheels—is working with another British company, YASA, on the development of the ACCEL, an electric airplane.