Semiconductor specialist Renesas Electronics said Hidetoshi Shibata had been named representative director, president and CEO, from 1 July, following the resignation of current chief Bunsei Kure effective 30 June 2019.
Shibata joined then crisis-hit Renesas in 2013 and, as CFO, headed structural reform measures, such as personnel cost reductions, and the reorganisation of production sites. He subsequently headed acquisitions of two US-based semiconductor companies, Intersil Corporation and Integrated Device Technology.
The company said: "We evaluated Shibata highly for his experience in leading structural reforms, which will enable him to leverage the lessons learned to take effective measures quickly in order to break away from the current unfavourable business performance and stock price stagnation. When considering the company's rebuilding and further growth amidst the rapidly changing semiconductor industry, we determined that he is best qualified to be the next president and CEO."
"While we face short-term challenges that require concerted efforts across the company, I believe that Renesas is well placed in our focus markets to continue to create innovative, sustainable solutions," said Shibata.