• Kyodo News

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Oki Electric Industry Co. said Thursday it has named Managing Director Hideichi Kawasaki as the successor to President Katsumasa Shinozuka.

The 68-year-old Shinozuka will become chairman without the right to represent the company. The appointments will become official after they are endorsed at the a shareholders’ meeting in late June, Oki said.

Shinozuka became president in June 1998 and led a restructuring under which it sold off its semiconductor business to Rohm Co. and shifted more emphasis to automated teller machines for use at financial institutions.

Kawasaki, 62, joined Oki Electric in 1970 after graduating from the law faculty of Waseda University in Tokyo. He has many years of experience as manager of the company’s network system business and will be tasked with bolstering Oki’s marketing prowess.

He was appointed managing director in June 2005 and will become senior executive vice president April 1.

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