Tokyo, February 6, 2019 - Mitsubishi Heavy Industries, Ltd. (MHI) today announced executive-level personnel changes effective March 31 and April 1, 2019 and made nominations for Directors to be proposed to the 94th Ordinary General Meeting of Shareholders scheduled for June 27, 2019. MHI also announced the appointment of Seiji Izumisawa as President & Chief Executive Officer (CEO), effective April 1, 2019, and Chief Strategy Officer (CSO), a role he holds currently. He succeeds Shunichi Miyanaga, who will take on the role of Chairman of the Board after six years as MHI's executive leader. These appointments were approved at a meeting of MHI's Board of Directors held in Tokyo today.
Mr. Izumisawa assumes the role of President & CEO, CSO after serving as Member of the Board, Executive Vice President, CSO, Head of Business Strategy Office since June 2018, his latest position in a more than 30-year career at MHI. In his previous role Mr. Izumisawa played a key role in developing the Group's growth strategy and organizational and product portfolio transformation as part of the Medium Term Business Plan, which will guide MHI's further global expansion, profitability and financial strength. Going forward, Mr. Izumisawa and the new generation of leadership under him will execute on this plan and bring renewed vitality to the organization, enabling a further chapter of growth for the company.
During his tenure as President & CEO, Mr. Miyanaga led the successful transformation of the MHI Group's structure, growing revenues from $30 billion to $38 billion, expanding the global workforce from 68,000 to 80,000 and doubling the number of employees outside Japan to 28,000. He also worked to overcome challenges related to the Group's cruise ship business and U.S. nuclear arbitration, and continues to address challenges in the development of the Mitsubishi Regional Jet (MRJ).
As Chairman, Mr. Miyanaga will continue to oversee the MRJ program and the fossil fuel powered energy business, as well as deepening strategic global alliances in close coordination with the new leadership team, enabling Mr. Izumisawa and his team to concentrate on new growth areas.
Commenting on the appointment, Shunichi Miyanaga said, "MHI Group is now at a turning point as it transforms into a new type of conglomerate which is focused on delivering significant added value through the scale and profitability of our core manufacturing business, our technological edge and competitiveness, all backed by a strong brand. MHI now requires a leader who can bring the organization closer together, listen to diverse opinions and identify a clear path ahead. I have every confidence in Mr. Izumisawa to deliver growth for the company, based on his broad technological background, balanced judgement, perseverance, sound decision-making and execution capabilities."
Seiji Izumisawa added, "Under Mr. Miyanaga's visionary stewardship MHI Group has transformed, and grown significantly both in revenues and global reach. Building on his legacy, MHI Group will use its collective strengths as a conglomerate to take on the challenges of the 4th industrial revolution and leverage the opportunities offered by ongoing major changes in the world to deliver growth. The company will venture into new areas and new technologies; incorporate AI into our existing offerings and develop next-generation solutions in new areas like cyber security. I am honored to take on this new challenge working in partnership with our 80,000 employees around the globe."