Renesas shuffles executive team, revenue falls.
Renesas Electronics is forecasting 10% lower revenues this year and has also made key changes to its leadership team with joint technology offices and the loss of two executives including Sailesh Chittipeddi.
The forecast, which doesn’t include the impact of acquisitions such as recent deals to buy EDA tool provider Altium and GaN power chip designer Transphorm, will see turnover of ¥1.32tn to ¥1.34tn (around $8.8bn, €8.1bn), down 8.9% from ¥1.46tn ($9.7bn, €8.7) in 2023.
This is highlighted by the most recent third quarter with revenue down 9.7% to was ¥345bn,from ¥379bn in the same quarter last year. The nine month turnover was down to ¥1.0tn ($66.6bn, €6.1bn) from ¥1.1tn ($7.3bn, €6.7bn).
The reshuffle in the reporting structure follows a restructuring last year to break out its power, software and manufacturing activities, although Renesas tells eeNews Europe these are not connected.
Balaji Kanigicherla, Vice President and Head of Engineering, will assume the position of Co-CTO, alongside Shinichi Yoshioka. As Co-CTOs, Balaji and Shinichi will lead the Engineering organization to optimise operations and increasing overall efficiency.
Dr. Sailesh Chittipeddi, Executive Vice President and Head of Operations, will leave the company at the end of the year. He only recently took over at operations, having been led the industrial, infrastructure and IoT businesses.
“Renesas greatly appreciates Sailesh’s more than five years of dedicated service during a period of transformation, helping the company advance its product leadership,” said the company.
Davin Lee, Senior Vice President and General Manager of Analog & Connectivity, will add the responsibilities of General Manager of Embedded Processing, becoming Senior Vice President and General Manager of Analog & Connectivity and Embedded Processing.
The Analog & Connectivity and Embedded Processing organizations will remain separate and will be led by Davin, overseeing analog products and connectivity products, as well as its entire standard catalog embedded processing products.
Yuya Hasegawa, Acting Chief Sales & Marketing Officer (CSMO), will become Senior Vice President and Chief Sales Officer. Yuya was recently appointed as Acting CSMO replacing Bobby Matinpour, who stepped down as Senior Vice President and CSMO and left Renesas today. Yuya will lead and align Renesas’ entire global sales functions around the company’s go-to-market strategy to drive revenue growth across portfolios, customer segments and geographies.
Renesas is also integrating the Quality Assurance function into its Operations organization, which includes manufacturing, supply chain management and procurement, to further streamline operations and strategic initiatives.
This means Takeshi Kataoka, Senior Vice President and Head of Quality Assurance, will take on the responsibilities of Head of Operations, becoming Senior Vice President and Head of Operations.
These executives will report directly to the CEO, Hidetoshi Shibata.