REG - Mitsubishi Elect. - Statement re (Replacement of President & CEO etc.)

Mitsubishi ElectricAnnouncement

28/07/2021 07:06

RNS Number : 7257G
  
Mitsubishi Electric Corporation
  
28 July 2021
  
 

 
 




FOR IMMEDIATE RELEASE


No. 3424




 


 




 


Media Inquiries




 


Takeyoshi Komatsu




 


Public Relations Division




 


Mitsubishi Electric Corporation




 


Tel: +81-3-3218-2346




 


prd.gnews@nk.MitsubishiElectric.co.jp




 


www.MitsubishiElectric.com/news/




 
Mitsubishi Electric Announces Replacement of President & CEO, 
Changes to Representative Executive Officer and Executive Officer
 
TOKYO, July 28, 2021 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today that in light of a series of issues in Mitsubishi Electric Group, namely the quality-related conduct disclosed on June 30 and July 2, 2021, pertaining to HVAC (Heating, Ventilation and Air Conditioning systems) for railcars, among others, Director, Representative Executive Officer, President & CEO Takeshi Sugiyama will resign as of July 28, 2021. In addition, at an extraordinary meeting of the Board of Directors held on July 28, 2021, resolutions were made concerning a successor to the positions of President & CEO and Representative Executive Officer, as well as with regard to the executive officer structure.
 
1. Reason for Changes
With consideration to the certain quality-related issues in recent years, starting with certain quality-related conduct for railcar HVAC systems, as well as issues related to labor and information leakage through unauthorized access, former Director, Representative Executive Officer, President & CEO Takeshi Sugiyama, at a press conference held on July 2, 2021, took the matter gravely and stated that he would resign from the position of president. 
As such, at an extraordinary meeting of the Board of Directors held on July 28, 2021, Mitsubishi Electric made resolutions pertaining to the successor to the positions of President & CEO and Representative Executive Officer, and concerning the executive officer structure.
Under the leadership of the new President & CEO and Executive Officers, Mitsubishi Electric will investigate the root causes of the series of improper quality-related conduct, and will also promote reform of the company's corporate culture while striving to recover trust from all stakeholders.
 
2. Replacement of President & CEO, and Change of Executive Officer




New


Current


Name




Representative Executive Officer, President & CEO


Representative Executive Officer,
Senior Vice President, Export Control, Corporate Strategic Planning and Operations of Associated Companies, CSO


Kei Uruma




Representative Executive Officer, Senior Vice President, Export Control and Building Systems


Representative Executive Officer, Senior Vice President, Building Systems


Tadashi Matsumoto




Executive Officer, Corporate Strategic Planning and Operations of Associated Companies, CSO


Executive Officer, Research & Development, CTO


Kunihiko Kaga




Executive Officer, Research & Development, CTO


Senior General Manager, Advanced Technology R&D Center


Tomonori Sato




 
3. Change of Representative Executive Officer




New


Current


Name




Representative Executive Officer, Senior Vice President, Auditing, Legal Affairs & Compliance and Corporate Communication (Sustainability, Public Relations and Advertising), CCO


Senior Vice President, Auditing, Legal Affairs & Compliance and Corporate Communication (Sustainability, Public Relations and Advertising), CCO


Jun Nagasawa




*The Company's three Representative Executive Officers as of July 28, are Uruma, Matsumoto, and Nagasawa.
 
4. Name and Career Summary of Newly Appointed Officers (as of July 28, 2021)
(1) Representative Executive Officer, President & CEO




New position


Representative Executive Officer, President & CEO




Name


Kei Uruma




Date of birth


July 27, 1959 (62 years old as of July 28, 2021)




Education


March 1982


Graduated from Faculty of Commerce, Waseda University




Career summary


April 1982


Joined Mitsubishi Electric Cooperation




 


April 2006


Senior General Manager, Planning & Administration Div. of Factory Automation Systems Group




 


April 2010


Deputy Senior General Manager, Global Strategic Planning & Marketing Group




 


April 2011


Executive Vice President, Mitsubishi Electric Europe B.V. 




 


April 2012


President, Mitsubishi Electric Europe B.V. and Regional Corporate Officer of Europe, Global Strategic Planning & Marketing Group




 


April 2015


Executive Officer, Factory Automation Systems Group




 


April 2017


Executive Officer, Public Utility Systems Group




 


April 2018


Senior Vice President, Public Utility Systems Group




 


April 2020


Representative Executive Officer, Senior Vice President, Corporate Strategic Planning and Operations of Associated Companies




 


June 2020


Director, Representative Executive Officer, Senior Vice President, Corporate Strategic Planning and Operations of Associated Companies




 


April 2021


Director, Representative Executive Officer, Senior Vice President, Export Control, Corporate Strategic Planning and Operations of Associated Companies




Date of appointment as President & CEO 


July 28, 2021




Number of shares owned


65 thousand shares




 
(2) Representative Executive Officer




New position


Representative Executive Officer, Senior Vice President 




Name


Jun Nagasawa 




Date of birth


March 16, 1960 (61 years old as of July 28, 2021) 




Education


March 1983 


Graduated from Faculty of Law, Keio University 




Career summary
 


April 1983 


Joined Mitsubishi Electric Corporation




October 2007 


Senior General Manager, Marketing Research & Business Development Dept.




October 2008 


Deputy Senior General Manager, Lighting, Ventilation & Housing Systems Div. 




April 2009 


Senior General Manager, PV Systems Div.




April 2013 


Senior General Manager, Kanagawa Branch Office 




April 2016 


Senior General Manager, Kansai Branch Office 




April 2018 


Executive Officer (Advertising, Domestic Marketing)




April 2021


Senior Vice President (Accounting, Legal Affairs & Compliance and Corporate Communication (Sustainability, Public Relations and Advertising))




Date of appointment as Representative Executive Officer


July 28, 2021




Number of shares owned


23 thousand shares




 
(3) Executive Officer




Tomonori Sato
(Date of birth: August 31, 1967) 53 years old


March 1992 


Completed Master's course in Precision Engineering, Graduate School of Engineering, Kyoto University 




April 1992 


Joined Mitsubishi Electric Corporation




April 2020 


Deputy Senior General Manager, Advanced Technology R&D Center 




April 2021 


Senior General Manager, Advanced Technology R&D Center




Date of appointment as Executive Officer


July 28, 2021




 
 
Note: Regarding Directors of Mitsubishi Electric Corporation
Upon Mr. Takeshi Sugiyama's resignation, as of July 28, Mitsubishi Electric Corporation will have 11 Directors as follows:
Messrs. Masaki Sakuyama (Chairman), Kei Uruma, Masahiko Sagawa, Tadashi Kawagoishi, Takashi Sakamoto, Kuniaki Masuda, Mitoji Yabunaka, Hiroshi Obayashi, Kazunori Watanabe, and Takashi Oyamada and Ms. Hiroko Koide.
 
 
###
 
About Mitsubishi Electric Corporation
With 100 years of experience in providing reliable, high-quality products, Mitsubishi Electric Corporation (TOKYO: 6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. Mitsubishi Electric enriches society with technology in the spirit of its "Changes for the Better." The company recorded a revenue of 4,191.4 billion yen (U.S.$ 37.8 billion*) in the fiscal year ended March 31, 2021. For more information, please visit www.MitsubishiElectric.com
*U.S. dollar amounts are translated from yen at the rate of \111=U.S.$1, the approximate rate on the Tokyo Foreign Exchange Market on March 31, 2021

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