Hitachi Chemical

News Release

November 22, 2018
Hitachi Chemical Co., Ltd.

Announcement of Personnel Changes and Reduction of Remuneration for Director and Executive Officers

Hitachi Chemical Co., Ltd. reiterates its deepest apologies for the considerable inconvenience and concern caused to all persons concerned by the inappropriate product testing, etc. relating to the company’s products.

We take this situation very seriously and hereby announce that the company has decided to clarify where responsibility lies by undertaking personnel changes (via demotion or retirement from the position) or reducing remuneration for relevant Director and Executive Officers, as detailed below.

We will steadily implement the measures to prevent recurrence drawn up after the inappropriate product testing, etc. was discovered (for details of the measures, see the news release dated November 22, 2018, entitled “Measures to Prevent Recurrence of Inappropriate Product Testing, etc.”). At the same time, we will make every effort to restore our stakeholders’ trust.

1. Details of personnel changes

(1) Demotion (as of November 22, 2018)

Name:
Yoshihiro Nomura
Current job title:
Representative Executive Officer, Executive Vice President, Executive Officer, and CRO*
New job title:
Senior Vice President and Executive Officer
* CRO: Chief Risk Officer

(2) Retirement from the position (as of November 22, 2018)

Name:
Masanobu Habiro
Current job title:
Executive Officer

2. Reduction of remuneration

(1) The name list and rate of reduction

Chairman of the Board Kazuyuki Tanaka 50% of monthly remuneration
President and Chief Executive Officer Hisashi Maruyama 50% of monthly remuneration
Vice President and Executive Officer Mitsuyoshi Toyoshima 30% of monthly remuneration
Vice President and Executive Officer Misao Nakagawa 30% of monthly remuneration
Vice President and Executive Officer Hiroyuki Morishima 30% of monthly remuneration
Vice President and Executive Officer Hiroyuki Yamashita 30% of monthly remuneration
Executive Officer Mitsuo Katayose 20% of monthly remuneration
Executive Officer Sakae Goka 20% of monthly remuneration
Executive Officer Hiroyuki Takei 20% of monthly remuneration
Executive Officer Akinori Hanawa 20% of monthly remuneration
Executive Officer Takuya Hirano 20% of monthly remuneration
Executive Officer Shigeru Fujita 20% of monthly remuneration
Executive Officer Hiroshi Yoshida 20% of monthly remuneration

(2) Duration of reduced remuneration
Three months from December 2018