NSG Announces Changes in Senior Management (posted 4/23/08)
The board of NSG Group recently announced several changes in the senior management of its board. Yozo Izuhara has been appointed chairman of the board, Katsuji Fujimoto was named chairman of the NSG Group and Tomoaki Abe has been appointed vice-chairman. In addition, Stuart Chambers was appointed president and chief executive officer (CEO) of the NSG Group, with responsibility for the profitable operation of all businesses within the Group. He will chair an executive committee that will oversee the day-to-day management of the NSG Group’s businesses. Masakuni Nitta has retired from the board and has been named senior adviser.
As chairman of the board, Yozo Izuhara will take particular responsibility for corporate governance. In parallel, a new board structure will be established. The former External Auditors model will be replaced by three board committees (Audit, Nomination and Remuneration) and four external directors.
As chairman of the NSG Group, Katsuji Fujimoto will ensure that the company is run in accordance with its long-term objectives, strategy, and guiding values and principles. He will also provide support to the executive in communicating with the financial community, shareholders, governments and other external organizations of importance to the Group.
Yozo Izuhara will chair the Nomination Committee, Tomoaki Abe will chair the Audit Committee and Noritaka Kurauchi will chair the Remuneration Committee.
The appointment of Stuart Chambers as president and CEO continues the NSG Group’s process of evolution into an international corporation, and will further develop the process of integration and simplification of the Group’s management structure. The adoption of the Company with Committees model brings the NSG Group into line with a growing number of leading Japanese corporations and with best practices. It introduces additional safeguards for shareholders, increases transparency and improves corporate governance.
Two new external directors have joined the NSG Group board. Isao Uchigasaki is a former president of Hitachi Chemical Co., Ltd. and is currently a director of Hitachi Ltd. George Olcott, Ph.D., worked for a leading investment bank in Japan and is now senior fellow at the Judge Business School at the University of Cambridge. Under the new system, the role of the external directors is strengthened. The new members bring extensive skills and experience from industry and banking, and NSG Group anticipates that they will make a major contribution to the work of the board.
The proposed changes are subject to shareholder agreement and will be formally decided at the 142nd Annual Shareholders Meeting, which will be held on June 27, 2008, and at a meeting of the company’s board following the shareholders meeting. The changes and appointments will take effect immediately following approval on that date.
Visit www.nsggroup.net for more information.