Mitsubishi Electric Announces Organizational Reform Effective April 1 and Changes in Representative Executive Officers, Executive Officers and Executive Officers (Associate)

Rhea-AI Summary

Mitsubishi Electric Corporation (Tokyo: 6503) has announced organizational reforms effective April 1, 2023, following a Board of Directors meeting on February 16, 2023. The changes include a new executive officer structure and the establishment of 'BA Strategic Planning Offices' aimed at enhancing strategy formulation and implementation across Business Areas (BA). This reform aligns with the company's commitment to becoming a 'Circular Digital-Engineering Company,' focusing on sustainability and quick decision-making to address social challenges.

Positive

• Introduction of 'BA Strategic Planning Offices' to enhance strategy formulation.
• Focus on sustainability and social challenges aligns with market trends.

Negative

• None.

TOKYO--(BUSINESS WIRE)-- Mitsubishi Electric Corporation (TOKYO: 6503) announces that an organizational reform will be conducted and a representative executive officer, the executive officer structure, and division of duties will be changed effective April 1, 2023, pursuant to a resolution passed during a regular meeting of the Board of Directors held on February 16, 2023. The Company also announces Executive Officers (Associate) to be appointed on the same date.

1. Organizational Changes (effective April 1, 2023)

(1) Reform of the Business Area management structure

In order to steadily push forward with the “transformation into a ‘Circular Digital-Engineering Company’ that promotes solution of social challenges through its businesses while positioning the realization of sustainability as the cornerstone of its corporate management” which is the ideal form pursued by the Company, as part of the Business Area (hereinafter, “BA”) management structure that has been introduced in April 2022, the Company will newly establish “BA Strategic Planning Offices” to promote formulation and implementation of strategies of each BA, with the aim of further advancing and developing the management structure and make decisions more quickly.

For the full text, please visit: www.MitsubishiElectric.com/news/

View source version on businesswire.com: https://www.businesswire.com/news/home/20230223005038/en/

Media Inquiries

Takeyoshi Komatsu

Public Relations Division

Mitsubishi Electric Corporation

Tel: +81-3-3218-2346

prd.gnews@nk.MitsubishiElectric.co.jp

www.MitsubishiElectric.com/news/

Source: Mitsubishi Electric Corporation

FAQ

What organizational changes is Mitsubishi Electric Corporation implementing on April 1, 2023?

Mitsubishi Electric is reforming its executive officer structure and establishing 'BA Strategic Planning Offices' to enhance strategy formulation and decision-making.

When did Mitsubishi Electric Corporation announce its organizational reforms?

The organizational reforms were announced during a Board of Directors meeting held on February 16, 2023.

What is the stock symbol for Mitsubishi Electric Corporation?

The stock symbol for Mitsubishi Electric Corporation is MIELY.

How will Mitsubishi Electric's reforms impact its business strategy?

The reforms aim to promote quicker decision-making and stronger strategy formulation to advance the company's transformation into a 'Circular Digital-Engineering Company'.