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| Apr 27, 2004 |
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DENSO Introduces New Management System to Begin in June
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Tokyo - DENSO Corporation today announced a new management system, set to take effect after the annual stockholders meeting in June.
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The new management system will be composed of a board of directors and managing officers. The current system consists only of a board of directors. The number of board of directors will be reduced from 32 to 13, and the maximum number will be reduced from 45 to 20.
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Beginning in June, there will be 24 managing officers. Each of the managing officers will be in charge of daily operations in specific divisions. The number of managing officers cannot exceed 30.
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Both board of directors and managing officers will be appointed for one-year terms. Board members now serve two-year terms.
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“The new management system is intended to shorten decision-making time and speed up operations under the current corporate auditor system,” said Koichi Fukaya, president and CEO of DENSO Corporation.
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In June, DENSO also plans to announce:
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The promotion of Hiromu Okabe, current vice chairman, to chairman, DENSO Corporation. |
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The retirement of Akira Takahashi, current chairman, who will continue to serve as a consultant to DENSO Corporation. |
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The promotion of Kazuo Matsumoto, current senior managing director, to executive vice president, DENSO Corporation. |
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DENSO Corporation, headquartered in Kariya, Aichi prefecture, Japan, is a leading global supplier of advanced technology, systems and components. Its customers include all the world's major carmakers. Worldwide, the company employs 95,000 people in 31 countries and regions, including Japan. Consolidated global sales for the fiscal year ended March 31, 2004 totaled US$24.2 billion. DENSO common stock is traded on the Tokyo, Osaka and Nagoya stock exchanges. For more information, go to www.globaldenso.com
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IMPORTANT NOTICE:
DENSO Corporation posted the press release on this Website, aiming to facilitate timely disclosure of information to its customers, stockholders, investors etc. If you view the information, you may be deemed to be the "First Recipient of Insider Information" within the meaning of the Japanese Securities and Exchange Law and regulations ("Laws"). Then, you will be prohibited from trading the Company's issued securities including stocks and convertible bonds until the stock exchanges disclose the information on their website or 11 p.m., April 27, 2004 (Japan Time), which is 12 hours after the information is disclosed to media. Any person who violates such prohibition is subject to punishment under the Laws.
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