Posted: May 7, 2013 at 11:53 pm
Hisao Sakuta, chairman of electronic components supplier Omron Corp., has been named chairman and CEO of Renesas Electronics Corp. to lead the restructuring of the troubled Japanese chipmaker, The Nikkei reports.
The Tokyo-based newspaper says Sakuta will resign his post at Omron and be formally appointed to his new position by the Renesas board in June. Renesas President Tetsuya Tsurumaru will continue in that role while adding COO duties.
Renesas supplies about 30% of the world’s microprocessors, But the company faltered when severe earthquakes damaged its plant in Japan in 2011.
The company was bailed out last year by its banks, customers and the government-owned Innovation Network Corp. of Japan. In exchange for $3.9 billion in loans and capital infusions, those parties received a collective 72.2% stake in Renesas.