kuraray


News Releases 2008

Announcement of Management Structure Reforms and Executive Personnel Actions

March 11, 2008
Kuraray Co., Ltd.

Kuraray Co., Ltd. announces the following management structure reforms and executive personnel actions.

1. Management Structure Reforms

Kuraray has to date implemented various initiatives to secure corporate governance suitable for its global-scale operations. These initiatives included the introduction of an executive-officer system, the strengthening of corporate-auditor functions by appointing three external corporate auditors in addition to two standing corporate auditors and the establishment of the Management Advisory Committee, an advisory body for the Company's president.

With the aim of more clearly dividing the functions of managerial decision making, oversight and execution and thereby enabling stronger corporate governance, Kuraray will implement management structure reforms as described below.

(1) Appointment of External Directors
To ensure management transparency and objectivity, Kuraray will appoint independent outside specialists who do not have particular interests in the Company as its directors.
(2) Redefinition of the Position of Director and Executive Officer
To more clearly divide the functions of managerial decision-making, oversight and execution, Kuraray will redefine its managerial positions as described below.
  • The current classifications of senior managing director and managing director will be abolished. Henceforth, the Company's Board of Directors will consist of the president; the chairman; directors who are concurrently appointed as executive officers; and external directors.
  • The current classifications of senior executive officer and executive officer will be abolished and be replaced by the following new classifications: primary executive officer, senior executive officer and executive officer.

2. Executive Personnel Actions

(1) Rationale
Toward further growth, Kuraray will establish a new management and execution structure to ensure a successful conclusion to the current GS-21 medium-term business plan in this final year and to formulate and implement a new medium-term business plan.
(2) Change of Representative Director (Scheduled effective date: Date of this year's General Meeting of Shareholders to be held in June 2008)
New Position Name Current Position
-
(Scheduled to be appointed
Standing Corporate Auditor)
Junsuke Tanaka Representative Senior
Managing Director
(Reference)
Kuraray previously announced the following changes in representative director positions in January 2008.(Scheduled effective date: April 1, 2008)
New Position Name Current Position
Representative Director and Chairman Yasuaki Wakui Representative Director and President
Representative Director and President Fumio Ito Managing Director
(3) Changes in Director Positions (Excluding Representative Directors) (Scheduled effective date: Date of this year's General Meeting of Shareholders to be held in June 2008)
New Position Name Current Position Remarks
Director and Primary Executive Officer Yoichi Ninagawa Managing Director and Senior Executive Officer Change of position
Director and Senior Executive Officer Shiro Kataoka Managing Director and Senior Executive Officer Change of position
Director and Senior Executive Officer Hiroaki Yoshino Managing Director and Senior Executive Officer Change due to reclassification
Director and Senior Executive Officer Toshihide Sakai Director and Senior Executive Officer Change due to reclassification
Director and Senior Executive Officer Kenzo Sawada Senior Executive Officer New appointment
External Director Kensaku Aomoto Counselor, Mitsui & Co., Ltd. and Counselor, Mitsui Oil Exploration Co., Ltd. New appointment
External Director Takafusa Shioya Management Committee Member, International Research Center for Japanese Studies, Inter-University Research Institute Corporation New appointment
-
(Scheduled to be appointed President of Kuraray Techno Co., Ltd.)
Seiji Wajiki Managing Director Resignation
-
(Scheduled to be appointed President of Kuraray Trading Co., Ltd.)
Osamu Asaba Managing Director Resignation
-
(Scheduled to be appointed President of Kuraray Chemical Co., Ltd.)
Nobuo Iwawaki Managing Director Resignation
(4) Changes in Corporate Auditor Positions (Scheduled effective date: Date of this year's General Meeting of Shareholders to be held in June 2008)
New Position Name Current Position Remarks
Standing Corporate Auditor Junsuke Tanaka Representative Senior Managing Director New appointment
Corporate Auditor Hiroki Yamada Deputy President, DIAM Co., Ltd. New appointment
- Tsutomu Yabuta Standing Corporate Auditor Resignation
- Hirotaka Ikuno Corporate Auditor Resignation
(5) Changes in Executive Officer Positions (Excluding Those Concurrently Posted as Directors) (Scheduled effective date: Date of this year's General Meeting of Shareholders to be held in June 2008)
New Position Name Current Position Remarks
Senior Executive Officer Hideo Tomita Senior Executive Officer Change due to reclassification
Senior Executive Officer Takayoshi Ohsaki Senior Executive Officer Change due to reclassification
Senior Executive Officer Mitsuaki Manabe Executive Officer Change due to reclassification
Executive Officer Osamu Yamada Associate Director New appointment
Executive Officer Takao Akagi Associate Director New appointment
-
(Scheduled to be appointed Managing Director of Kuraray Engineering Co., Ltd.)
Tokio Aikura Executive Officer Resignation
(6) Complete List of Directors, Corporate Auditors and Executive Officers (Scheduled effective date: Date of this year's General Meeting of Shareholders to be held in June 2008)
  • indicates a new appointment
  • indicates a change in position
No mark indicates either a continuation in office or reappointment to that office.
  Representative Director and Chairman Yasuaki Wakui
  Representative Director and President Fumio Ito
Director and Primary Executive Officer Yoichi Ninagawa
Director and Senior Executive Officer Shiro Kataoka
Director and Senior Executive Officer Hiroaki Yoshino
Director and Senior Executive Officer Toshihide Sakai
Director and Senior Executive Officer Kenzo Sawada
External Director Kensaku Aomoto
External Director Takafusa Shioya
Standing Corporate Auditor Junsuke Tanaka
  Standing Corporate Auditor Tadahiko Kujime
  Corporate Auditor Toshimitsu Kitagawa
  Corporate Auditor Hiroo Onodera
Corporate Auditor Hiroki Yamada
Senior Executive Officer Hideo Tomita
Senior Executive Officer Takayoshi Ohsaki
Senior Executive Officer Mitsuaki Manabe
  Executive Officer Noboru Yanagida
  Executive Officer Katsuya Hashimoto
  Executive Officer Mitsuo Matsumoto
  Executive Officer Kohei Maeda
  Executive Officer Yuichi Kawarasaki
  Executive Officer Keiji Murakami
  Executive Officer Shinzo Takemura
  Executive Officer Noritsugu Nagatomo
  Executive Officer Takaaki Fukumori
  Executive Officer Kazuhiro Tenkumo
  Executive Officer Yasuhiro Yamamoto
  Executive Officer Gerd Lepper
  Executive Officer Jean-Marie Baetens
  Executive Officer Nobuya Tomita
Executive Officer Osamu Yamada
Executive Officer Takao Akagi

3. Career Summaries of New Directors and Corporate Auditors

(1) New Directors
Name Kenzo Sawada
Date of Birth March 24, 1948
Education March 1970 Graduated from Kwansei Gakuin University
(School of Sociology and Social Work)
Career
Summary
April 1970 Joined Kuraray
June 1999 Deputy General Manager, EVAL Division, Kuraray
October 2001 Vice President, Kuraray Specialities Europe GmbH
June 2004 Executive Officer, Kuraray
April 2006 General Manager, Office of Global Business Development, Kuraray
June 2006 Senior Executive Officer, Kuraray (current position)
April 2007 General Manager, Poval Resin Division, Kuraray (current position)
Name Kensaku Aomoto (External Director)
Date of Birth December 21, 1940
Education March 1963 Graduated from The University of Tokyo (Faculty of Law)
Career
Summary
April 1963 Joined Export-Import Bank of Japan ("EIB")
June 1989 Director General, Loan Department IV
April 1991 Director General, Policy Planning and Coordination Department
October 1993 Resident Executive Director for Europe, the middle East and Africa
January 1995 Senior Executive Director, EIB
June 1998 Deputy Governor, EIB
June 2000 President (Chief Executive Officer), Japan Institute for Overseas Investment
January 2005 Counselor, Mitsui & Co., Ltd. and Counselor, Mitsui Oil Exploration Co., Ltd. (current positions)
Name Takafusa Shioya (External Director)
Date of Birth May 13, 1941
Education March 1966 Graduated from The University of Tokyo (Faculty of Law)
Career
Summary
April 1966 Joined Economic Planning Agency of Japan ("EPA")
July 1987 Director, Commercial Policy Division, Industry Policy Bureau, Ministry of Trade and Industry ("MITI")
July 1990 Director, Minister's Secretariat Division, EPA
June 1993 Deputy Director-General, Social Policy Bureau, EPA
June 1995 Director-General, Planning-Coordination Bureau, National Land Agency
July 1997 Director-General, Coordination Bureau, EPA
June 1998 Administrative Vice-Minister, EPA
February 2000 President, National Institute of Research Advancement
May 2005 Management Committee Member, International Research Center for Japanese Studies, Inter-University Research Institute Corporation (current position)
(2) New Corporate Auditors
Name Junsuke Tanaka (Standing Corporate Auditor)
Date of Birth September 17, 1944
Education March 1969 Graduated from Osaka University (School of Engineering Science)
Career
Summary
April 1969 Joined Kuraray
June 1999 General Manager, EVAL Division
June 2000 Director, Kuraray
June 2003 Managing Director, Kuraray
June 2006 Representative Senior Managing Director, Kuraray (current position)
Name Hiroki Yamada
Date of Birth January 13, 1944
Education March 1967 Graduated from Kobe University of Commerce
(School of Economics and Business Administration)
June 1970 Awarded Master of Business Administration from New York University ("NYU") (Graduate School of Business Administration)
June 1975 Awarded PhD in Corporate Finance from NYU
Career
Summary
September 1973 Joined Chase Manhattan Bank N.A. in New York
April 1976 Joined Industrial Bank of Japan, Limited ("IBJ")
April 1980 Assistant to Director, International Loan Department I, IBJ
April 1982 Assistant to Director, Loan Department V, IBJ
January 1986 Senior Director; IBJ International Limited in London
August 1991 Joint General Manager, International Finance Department, IBJ
June 1994 General Manager, IBJ Chicago Branch
June 1998 Director and General Manager, IBJ London Branch
June 2001 Managing Director, Head of Securities and Asset Management, Mizuho Financial Group
April 2002 Deputy President, DLIBJ Asset Management Co., Ltd. (now DIAM Co., Ltd.) (current position)