Mitsubishi Electric Corporation (TOKYO: 6503) announced today that in light of a series of issues in Mitsubishi Electric Group, namely the quality-related conduct disclosed on June 30 and July 2, 2021, pertaining to HVAC (Heating, Ventilation and Air Conditioning systems) for railcars, among others, Director, Representative Executive Officer, President & CEO Takeshi Sugiyama will resign as of July 28, 2021. In addition, at an extraordinary meeting of the Board of Directors held on July 28, 2021, resolutions were made concerning a successor to the positions of President & CEO and Representative Executive Officer, as well as with regard to the executive officer structure.

1. Reason for Changes

With consideration to the certain quality-related issues in recent years, starting with certain quality-related conduct for railcar HVAC systems, as well as issues related to labor and information leakage through unauthorized access, former Director, Representative Executive Officer, President & CEO Takeshi Sugiyama, at a press conference held on July 2, 2021, took the matter gravely and stated that he would resign from the position of president.

As such, at an extraordinary meeting of the Board of Directors held on July 28, 2021, Mitsubishi Electric made resolutions pertaining to the successor to the positions of President & CEO and Representative Executive Officer, and concerning the executive officer structure.

Under the leadership of the new President & CEO and Executive Officers, Mitsubishi Electric will investigate the root causes of the series of improper quality-related conduct, and will also promote reform of the company’s corporate culture while striving to recover trust from all stakeholders.

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