NEC Electronics and Renesas Announce the New Executive Team Following Merger
KAWASAKI, Japan, TOKYO, Japan, NEC Electronics Corporation (NEC Electronics; TSE: 6723) and Renesas Technology Corp. (Renesas Technology) today announced candidates of the executive team that will be in place following the business integration (the “Business Integration” or the “Merger”) on April 1, 2010 (scheduled). All candidates of the new executive team at the new integrated company, to be called Renesas Electronics Corporation, are listed in Exhibit 1.
Susumu Furukawa, who is well-versed in the high-tech field and has extensive experience in global business, has been newly appointed to take the role of the remaining position of outside directors of Renesas Electronics Corporation, effective as of April 1, 2010. Please see Exhibit 2 for a brief biography of the newly appointed outside director, Mr. Furukawa.
NEC Electronics and Renesas Technology also announced its plan to consolidate the companies’ domestic sales operations into Renesas Technology Sales Co., Ltd., which name will change to Renesas Electronics Sales Co., Ltd. in accordance with the Merger. Please see Exhibit 3 for a list of the newly appointed executives of Renesas Electronics Sales Co., Ltd., scheduled to launch April 1, 2010.
In addition to above, NEC Electronics and Renesas Technology appointed the representatives and announced the names of the foreign sales subsidiaries of Renesas Electronics Corporation (effective as of April 1, 2010) to coincide with the Merger. Please refer to Exhibit 4 for more details.
Finally, the names of the existing foreign manufacturing subsidiaries of NEC Electronics will be changed following the Merger. Please refer to Exhibit 5 for more details.
Note: The Business Integration will become effective following the adoption of the resolutions at Extraordinary General Meetings of Shareholders of both NEC Electronics and Renesas Technology and approval by relevant authorities of NEC Electronics and Renesas Technology.
About NEC Electronics
NEC Electronics Corporation (TSE: 6723) specializes in semiconductor products encompassing advanced technology solutions for the high-end computing and broadband networking markets; system solutions for the mobile handset, PC peripheral, automotive and digital consumer markets; and multi-market solutions for a wide range of customer applications. NEC Electronics Corporation has subsidiaries worldwide including NEC Electronics America, Inc. and NEC Electronics (Europe) GmbH. More information about NEC Electronics worldwide can be found at www.necel.com.
About Renesas Technology Corp.
Renesas Technology Corp. is the world’s No.1 supplier of microcontrollers and one of the world’s leading semiconductor system solutions providers for mobile, automotive and PC/AV (Audio Visual) markets. It is also a leading provider of Power MOSFETs, Smart Card microcontrollers, RF-ICs, High Power Amplifiers, Mixed Signal ICs, System-on-Chip (SoC), System-in-Package (SiP) and more. Established in 2003 as a joint venture between Hitachi, Ltd. (TSE:6501, NYSE:HIT) and Mitsubishi Electric Corporation (TSE:6503), Renesas Technology achieved consolidated revenue of 702.7 billion JPY in FY2008 (end of March 2009). Renesas Technology is based in Tokyo, Japan and has a global network of manufacturing, design and sales operations in 16 countries with 25,000 employees worldwide. For further information, please visit http://www.renesas.com/
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