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 of deliberating over multiple candidates, the committee concluded 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.
Masakazu Tokura will be promoted to chairman of the board, replacing Osamu Ishitobi, who will now be director and counselor. Tokura was a representative director as well as president.
Prior to being named representative director as well as president, Iwata was a representative director and senior management executive officer. He joined Sumitomo Chemical in 1982 and has taken on positions of increasing responsibility.