Mitsubishi Electric Corp. will promote Vice President Setsuhiro Shimomura to president, replacing Tamotsu Nomakuchi, who will become chairman, company sources said Tuesday.

The electrical machinery maker will formally decide on the appointments at a board meeting Thursday, they said.

The reshuffle comes as Mitsubishi Electric is bouncing due to restructuring steps implemented by Nomakuchi, including separating the company's semiconductor section to set up a joint venture with Hitachi Ltd.

Nomakuchi, 65, became president in April 2002 after it incurred a group net loss of 77.9 billion yen the prior year due mainly to stagnation in the semiconductor business.

Shimomura, 60, has worked in car-related divisions of Mitsubishi Electric and has been vice president since April 2004.

Mitsubishi Electric expects to post a group net profit of 83 billion yen for the current business year through March.