Renesas CEO leaves due to poor performance
Recently, Renesas Electronics appointed Hidetoshi Shibata as its new President and CEO to replace the current CEO, Bunsei Kure, which will take effect on June 30. At the same time, Renesas publicly stated that in view of the deteriorating business performance of Bunsei Kure during his tenure and the huge gap between the target financial figures set in the 2016 medium-term plan and the actual performance of the company, it is concluded that Kure failed to reach expected.
At the end of 2018, Renesas acquired IDT, which triggered a major industry discussion. Then, due to sluggish demand, Renesas suspended production at several factories. Specific measures include: the temporary shutdown of the pre-process plant for up to two months, and the post-process plant on a weekly basis for several periods of discontinuation.
The Renesas Board of Directors expressed the hope that Hidetoshi Shibata will lead the company out of the woods.
The new CEO Shibata said: "Although we face short-term challenges and need the joint efforts of the entire company, I believe that Renesas Electronics is well positioned in our key markets and can continue to create innovative and sustainable solutions for our customers and society."