Renesas Chief to Resign 3 Months after Reappointment

Economy Society

Tokyo, June 25 (Jiji Press)--Major Japanese chipmaker Renesas Electronics Corp. <6723> said Tuesday that President and Chief Executive Officer Bunsei Kure will step down at the end of June due to the company's worsening business performance.

Kure's resignation comes just three months after he was reappointed president and CEO of the company. He will be replaced by Hidetoshi Shibata, currently executive vice president.

Renesas plunged into the red in January-March this year, suffering from sluggish chip shipments caused by a slowdown in the Chinese economy.

According to the company, its nomination committee, composed of outside directors, concluded that Kure failed to meet the committee's "expectations for the future executive."

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Jiji Press