Renesas Technology Corp. today announced that Chairman & CEO, Dr. Koichi Nagasawa will retire from his current position and become Chairman Emeritus, and President & COO, Satoru Ito will be appointed President & CEO. The new appointment will be in effect after April 1, 2005.

Renesas Technology has been operating under the corporate governance system -- led by Chairman & CEO, Dr. Koichi Nagasawa and President & COO, Satoru Ito -- to build and enhance its business structure and unify internal resources since the company was established on April 1, 2003. As a result, the company achieved a profit during its first fiscal year and has estimated an increase in revenue for FY2004, despite the recent decline in market conditions. Because the first phrase of the operating plan is now complete, having been implemented over the past two years, the company will make the transition to a new management team to attain further achievements.

Starting April 1, 2005, Renesas Technology aims to accelerate management reform under Satoru Ito, who will be promoted to President & CEO and take full responsibility for the management of the company. Dr. Koichi Nagasawa will act as Chairman Emeritus to Ito President & CEO, advising on general management issues.

Besides these moves, additional management changes will occur at Renesas Technology. Two senior executives, Masayoshi Ito, Senior Executive Vice President and Board Director and Koichi Ogino, Senior Vice President and Board Director, will retire from their current positions on March 31, 2005. Chikara Onishi and Katsuhiro Tsukamoto will be prompted to Executive Vice President and Board Director as of April 1, 2005. In addition, Atsushi Asari, Takeo Kawano and Yasuji Nagayama will be promoted to Board Director.

Details of the Renesas management changes are as follows:

-- Directors to resign (on March 31, 2005)

(a) Dr. Koichi Nagasawa, currently Chairman & CEO

(Scheduled to be appointed as Chairman Emeritus)

(a) Masayoshi Ito, currently Senior Executive Vice President, Board Director

Koichi Ogino, currently Senior Vice President, Board Director

-- Directors to be promoted (as of April 1, 2005)

(a) Satoru Ito, President & CEO (currently President & COO)

Chikara Onishi, Executive Vice President, Board Director

(currently Senior Vice President, Board Director)

Katsuhiro Tsukamoto, Executive Vice President, Board Director

(currently Outside Board Director)

-- New Directors(as of April 1, 2005)

Atsushi Asari, Board Director (currently Managing Officer)

Takeo Kawano, Board Director (currently Managing Officer)

Yasuji Nagayama, Outside Board Director

(Scheduled to be appointed as Executive Officer, Mitsubishi Electric Corporation)

((a) Representative Director)

About Renesas Technology Corp.

Renesas Technology Corp. designs and manufactures highly integrated semiconductor system solutions for mobile, automotive and PC/AV markets. Established on April 1, 2003 as a joint venture between Hitachi, Ltd. (TSE:6501, NYSE:HIT) and Mitsubishi Electric Corporation (TSE:6503) and headquartered in Tokyo, Japan, Renesas Technology is one of the largest semiconductor companies in the world and world leading microcontroller supplier globally. Besides microcontrollers, Renesas Technology offers system-on-chip devices, Smart Card ICs, mixed-signal products, flash memories, SRAMs and more. http://www.renesas.com

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