Sumitomo Chemical Appoints New Chairman and New President

Date:02-04-2019

Sumitomo Chemical recently announced that, at a Board of Directors meeting held on February 1, 2019, it has appointed a new Chairman of the Board and a new Representative Director and President, as detailed below.
 
At Sumitomo Chemical, when selecting a new chief executive officer, the Nomination Advisory Committee (currently comprised of four Independent Outside Directors as well as the Chairman of the Board and the Representative Director and President, for a total of six members) deliberates for a sufficient amount of time and then makes its recommendation to the Board of Directors.
 
In accordance with these policies, the Nomination Advisory Committee met several times to discuss the business environment surrounding the Sumitomo Chemical Group and the qualities needed in the next president. As a result, a consensus was reached acknowledging that, in the midst of a business environment that is undergoing significant changes, the next president would need the ability to steer the company boldly and precisely, with a resolute ability to execute. Accordingly, as a result of deliberating over multiple candidates, the committee came to the conclusion that Keiichi Iwata would be the most appropriate candidate to be the next president, and this decision was made through a resolution at the recent Board of Directors meeting.