Mitsubishi Electric Corp. announced Tuesday that Tamotsu Nomakuchi, an executive vice president, will take over its presidency on April 1. Ichiro Taniguchi, the current president, will become chairman.
Nomakuchi, 61, said he will reinforce technology development so the firm can better compete and increase its presence in the global market. He has mainly engaged in research and development since joining the firm in 1965.
As a chairman, Taniguchi, 65, said he will take charge of sales and activities outside the company, while Nomakuchi will handle daily management. The firm's chairmanship has been vacant since January 1994.
Taniguchi, who has been a president for four years since June 1998, said he will try to reverse the firm's deteriorating profitability.
Mitsubishi Electric is expected to log consolidated net losses of 70 billion yen in the business year through March, due to the global slump in demand for semiconductors, mobile phones and personal computers.