Renesas CEO resigns and the company names its CFO to fill the position

Renesas has named Hidetoshi Shibata as its new president and CEO, effective July 1, 2019. (Getty Images)

The CEO and president of Renesas Electronics, Bunsei Kure, has resigned effective June 30. And Renesas, a supplier of semiconductor solutions, announced that it has named Hidetoshi Shibata as its new president and CEO, effective July 1, 2019.

“Shibata joined Renesas in 2013 when the company was in crisis,” according to Renesas in a prepared statement. “And as executive vice president, member of the board and CFO, led the structural reform measures, such as personnel cost reductions and the reorganization of production sites, etc.”

Shibata was also instrumental in leading the acquisitions of two U.S.-based semiconductor companies, Intersil Corporation and Integrated Device Technology.

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RELATED: Renesas Electronics Completes Acquisition of Intersil

The Renesas nomination committee, an advisory body reporting to the board of directors, said, “We evaluated Mr. 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 unfavorable 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."

Renesas Electronics delivers embedded design innovation and complete semiconductor solutions, including microcontrollers, analog, power, and SoC products. Renesas provides comprehensive solutions for a broad range of automotive, industrial, home electronics, office automation, and information communication technology applications.

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