Renesas Technology Corp. (San Jose, CA), a joint venture between Hitachi Ltd. and Mitsubishi Electric Corp., reported that Chairman and CEO Koichi Nagasawa will retire from his current position and become Chairman Emeritus. President and COO Satoru Ito will be appointed President and CEO. The changes will be in effect after April 1, 2005. No reasons were given for Nagasawa's retirement.
Besides the presidential moves, further management changes will occur at Renesas. Two senior executives, Senior Executive Vice President and Board Director Masayoshi Ito and Senior Vice President and Board Director Koichi Ogino will retire from their current positions on March 31, 2005. Current Senior Vice President and Board Director Chikara Onishi and current Outside Board Director Katsuhiro Tsukamoto will both be promoted to the position of Executive Vice President and Board Directors the following day. In addition, Managing Officers Atsushi Asari and Takeo Kawano, and current Outside Board Director Yasuji Nagayama will be promoted to the position of Board Director.
