Chubu Electric Power Co.,Inc. | Press Conference Announcing Executive Officer Appointments - Press Releases and Other Company News(2020)

Press Releases and Other Company News Press Conference Announcing Executive Officer Appointments

February 19, 2020

Chubu Electric Power Co.,Inc.

Chairman Mizuno’s Remarks

  • To begin, I would like to discuss personnel appointments.
  • Today, an extraordinary meeting of the Board of Directors was held at which it was decided that I will step down as chairman and become Honorary Advisor, President Satoru Katsuno will be appointed the new chairman, and Senior Managing Executive Officer Kingo Hayashi the new president effective April 1.
  • Ever since President Katsuno took office in 2015, Chubu Electric Power has strived to further enhance the safety of Hamaoka Nuclear Power Station, ensure a stable power supply for a new age, strengthen our business base for growth and achieve sustainable growth, and moreover accelerate business development in new growth fields.
  • Among these achievements, we fully integrated our thermal power generation business into JERA in April of last year. In addition, this coming April, our power transmission and distribution business as well as sales operations will be spun off and we will completely transition to a business model that separates power generation from sales.
  • As we reach this major turning point that might also be called the second inauguration of our company, we have decided to confront this stage with a new business structure that will mobilize our group capabilities so that we may continue to be the provider that our customers select and achieve significant growth.
  • As everyone is well aware, Satoru Katsuno, who will be the new chairman, has displayed outstanding skill and capability in his capacity as president these past five years. I also have had complete confidence in entrusting him with management of the company.
  • Despite a business environment where change has been relentless including reform of the electric system and full liberalization of retail electric power and gas, he has exercised appropriate and proper judgment to resolve issues and strived to enhance corporate value.
  • Now, it is my hope that, as chairman, he will take charge of running the entire Chubu Electric Power Group.
  • Kingo Hayashi, who will be the new president, has led our sales business within an intensely competitive environment in his position as president of the Customer Service & Sales Company and he has been extensively involved in all aspects of management as one of Chubu Electric Power Group’s directors.
  • His experience at the Tokyo Office provided him with a firm grasp of the way in which government administration operates. He has always been exuberant, and displayed outstanding balance, judgment in addition to his extensive and profound intellect.
  • He is perfectly qualified to be the top person of our company as the business environment changes at an even faster pace.
  • Both Satoru Katsuno and Kingo Hayashi are men of impeccable character, insight and ability. Even with the continuing severe business environment that we find ourselves in, I feel no hesitation whatsoever in putting our future in their hands.
  • Lastly, I hope that everyone will continue to support both the new chairman and new president of Chubu Electric Power.
  • This ends my presentation.

President Katsuno’s Remarks

  • As just announced by Chairman Mizuno, it was decided at today’s extraordinary meeting of the Board of Directors that I will be appointed chairman effective April 1.
  • Although it is a great honor, it is also very sobering to be entrusted with the great responsibility of serving as chairman at a time when the environment surrounding the energy business is changing dramatically.
  • I intend to do everything that I can in striving to fulfill the responsibility that I have been given.
  • Ever since I was appointed president, I have repeatedly stated that our aim is to be “a total energy service corporate group that is one step ahead delivering to our customers before anyone else services that exceed their expectations.”
  • The introduction of renewable energies, particularly photovoltaic, has expanded beyond our initial projections, and, even in this new supply and demand environment, we have done our best to accomplish our unwavering mission of delivering high-quality and environmentally-friendly electricity in a safe, affordable, and stable manner.
  • In addition, we have all worked together to create new value through initiatives such as providing new services to customers and promoting the transition from our current energy infrastructure to a community support infrastructure.
  • We are reaching the final stage of the review on standard seismic ground motion and tsunami in our efforts to enhance the safety of Hamaoka Nuclear Power Station and address the examination determining our compliance with new regulatory requirements. Nevertheless, we are still midway through the entire process.
  • Even though we have faced these and many other issues, the fact that we have been able to come this far is truly thanks to the support, understanding and cooperation of our customers, business partners as well as our executives, employees and many others associated with our group companies.
  • I would once again like to express my sincere appreciation to everyone who has provided the support that has sustained us.
  • As Chairman Mizuno stated in his introduction of Kingo Hayashi who will be our new president, he is a man of excellent judgment with an outstanding capacity for achievement as well as a sense of balance.
  • He is cheerful and always maintains a positive outlook, and I am also confident in his ability to lead Chubu Electric Power even in this time of intense change.
  • We must steadily develop our corporate initiatives. With new business and management structures, I will take the helm of management together with the new president Hayashi to further grow and develop the Chubu Electric Power Group.
  • I will continue to serve in my current position through the March press conference and will once again deliver some remarks on that occasion.
  • I hope that I may continue to count on your support and guidance.
  • This ends my presentation.

Senior Managing Executive Officer Hayashi

  • I would like to say a few words about the decision by the Board of Directors to appoint me as president as Chairman Mizuno announced.
  • The environment surrounding the energy business has reached a historical turning point as entirely new business models have emerged that make use of AI, IoT and other cutting-edge technologies and we face severe competition involving different industries following the full liberalization of retail sales of electricity and gas.
  • In addition, Chubu Electric Power also will transition to a new business structure of Chubu Electric Power, Chubu Electric Power Grid and Chubu Electric Power Miraiz. This is truly the second inauguration of our business.
  • In such circumstances, I am truly humbled to have been assigned the weighty responsibility of president.
  • Most of my previous experience has been in sales and service operations.
  • In sales, I formulated sales strategies, revised electricity rates, and performed other such tasks. I was also involved in frontline operations and learned a tremendous amount from our customers.
  • In addition, during a temporary assignment to the Federation of Electric Power Companies, I worked on preparations for the first revision of the Electricity Business Act in 27 years. In the Corporate Planning & Strategy Division to which I was assigned immediately after the Great East Japan Earthquake, I worked on developing a post-disaster growth strategy and business development. These experiences left a deep impression on me as I was engaged in operations that required a completely different perspective and way of thinking from what my previous experiences and values has taught me.
  • I have always strived to move forward with passion and conviction together with my colleagues. Now, having been entrusted with the important role of president, I once again feel the weight of this responsibility.
  • Amid a business environment undergoing significant change, we all, including our employees on the front line and business partners, need to share in the management vision formulated the year before last and take the initiative to launch specific efforts to achieve this vision in our respective workplaces.
  • To achieve this, I believe that we first need to create a free and open organization where there is an even livelier exchange of individual viewpoints, values and knowledge than we have previously had.
  • So that we may promptly and faithfully meet the expectations of our customers, shareholders and all stakeholders, I will do my utmost together with the Chubu Electric Power Group directors, employees, and partners as we aim to be a “robust and flexible corporate group.”
  • Thank you in advance for your gracious cooperation and support.

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