Struggling Renesas to change president

Kyodo

Struggling chip-maker Renesas Electronics Corp. plans to promote Senior Vice President Tetsuya Tsurumaru to president as early as this month, sources said Tuesday.

Current President Yasushi Akao, 58, who will step down to take responsibility for the business slump, is expected to remain as a board member until June, when the major maker of microcontrollers for automobiles holds its regular shareholders’ meeting, the sources said.

Earlier this month, Renesas widened its fiscal 2012 group net loss projection to ¥176 billion from an earlier ¥150 billion, owing to sluggish chip demand amid the stagnant global economy.