At the meeting of the Board of Directors of Cosmo Oil Co., Ltd. held today, decision was made on the revision of the executive officer system and on changes in the members of the Board of Directors.
The official decision on changes in the members of the Board of Directors will be made at the annual general meeting of shareholders scheduled for late June 2010 and at the Board meeting to follow. The changes in executive officers will officially become effective on June 23, 2010.
1.Revision of the Executive Officer System:
- (1) Date of the Revision:
- June 23, 2010
- (2) Purpose of the Revision:
- Clarify the roles and responsibility of "Directors" in charge of decision-making and management oversight and of "Executive Officers" in charge of business execution, as members of the Board of Directors, to improve corporate governance of the Company by increasing transparency.
- (3) Description of the Revision:
- As the executive officers with titles, two new positions, "President and Executive Officer" and "Vice President and Executive Officer" shall be created. In accordance with this change, as for executive directors with titles, only the "Chairman of the Board of Directors" and the "President of the Board of Directors" shall be elected, but none of the "Vice President, Board of Directors," "Senior Managing Director, Board of Directors" and "Managing Director, Board of Directors" shall be elected.
2.Changes in the Members of the Board of Directors (Tentative)
| Director | Mohamed Al Hamli | (Current position: Minister of Energy, U.A.E ./ Deputy Chairman, International Petroleum Investment Company) |
|---|---|---|
| Director | Nasser Alsowaidi | (Current position: Chairman of Abu Dhabi Department of Economic Development /Board member, International Petroleum Investment Company) |
| Retiring (Current position: Director) | Khalifa Al Romaithi |
|---|---|
| Retiring (Current position: Director) | Jeffrey Kirk |
3.Changes in the Members of the Board of Corporate Auditors (Tentative)
| Auditor (newly elected) | Hideo Suzuki | (Current position: Executive Officer and General Manager, Secretariat) |
|---|---|---|
| Director | Nasser Alsowaidi | (Current position: Chairman of Abu Dhabi Department of Economic Development /Board member, International Petroleum Investment Company) |
| Retiring (Current position: Auditor) | Yutaka Shimizu |
|---|
4.Changes in the Office of Executive Officers
At the meeting of the Board of Directors of Cosmo Oil Co., Ltd. held today, the following executive officers have been selected and they will be appointed, effective June 23, 2010.
| Senior Executive Officer | Hideo Matsushita | (Current position: Counselor) |
|---|---|---|
| Executive Officer | Shigenori Nakano | (Current position: General Manager, Distribution Dept.) |
| Executive Officer | Yoshimitsu Watanabe | (Current position: General Manager, Personnel Dept.) |
| Current position: Executive Officer |
Yuji Satake | (To assume the position of COSMO TRaDE & SERVICE Co., Ltd. Managing Director) |
|---|---|---|
| Current position Executive Officer |
Hideo Suzuki | (To assume the position of Auditor) |
| Senior Executive Officer | Hiroaki Fujioka | (Current position: Executive Officer and General Manager, Sakai Refinery) |
|---|
| New Position | Name | Current Position |
|---|---|---|
| President, Representative Director Chief Executive Officer |
Yaichi Kimura | President, Representative Director |
| Representative Director Executive Vice President |
Keizo Morikawa | Executive Vice President, Representative Director |
| RRepresentative Director Senior Managing Executive Officer |
Kenji Hosaka | Senior Managing Director, Representative Director |
| Director, Senior Executive Officer |
Naomasa Kondo | Managing Director |
| Director, Senior Executive Officer |
Satoshi Miyamoto | Managing Director |
| Director, Senior Executive Officer |
Hideto Matsumura | Managing Director |
| Director, Senior Executive Officer |
Atsuto Tamura | Managing Director |
| Senior Executive Officer | Kanesada Sufu | General Manager, Project Development Dept. |
| Senior Executive Officer | Hisashi Kobayashi | General Manager, Sales Control Dept. and Assistant of Director for Sales |
| Senior Executive Officer | Hirohiko Ogiwara | General Manager, Tokyo Branch Office |
| Senior Executive Officer | Satoshi Nishi | General Manager, Accounting Dept. |
| Senior Executive Officer | Isao Kusakabe | General Manager, International Ventures Dept. and Assistant of Director for International Business |
| Senior Executive Officer (newly elected) |
Hideo Matsushita | Counselor |
| Senior Executive Officer (Promoted) |
Hiroaki Fujioka | General Manager, Sakai Refinery |
| Executive Officer | Toshiaki Iwana | General Manager, Chiba Refinery |
| Executive Officer | Katsuhisa Otaki | General Manager, Yokkaichi Refinery |
| Executive Officer | Teruyuki Takishima | General Manager, Maintenance & Engineering Dept. |
| Executive Officer | Hiroshi Kiriyama | General Manager, Corporate Planning Dept. |
| Executive Officer | Muneyuki Sano | General Manager, Industrial Fuel Marketing Dept. |
| Executive Officer | Masayoshi Ishino | General Manager, Crude Oil & Tanker Dept. |
| Executive Officer | Takashi Shono | General Manager, Sakaide Refinery |
| Executive Officer | Yasushi Ohe | General Manager, Demand & Supply Coordination Dept. |
| Executive Officer | Katsuyuki Ihara | General Manager, Refining & Technology Dept. |
| Executive Officer (newly elected) |
Shigenori Nakano | General Manager, Distribution Dept. |
| Executive Officer (newly elected) |
Yoshimitsu Watanabe | General Manager, Personnel Dept. |
| Representative Director Executive Vice President |
Keizo Morikawa | Assistance of President, Reform Promotion Dept. and Personnel Dept.(Current position: Assistance of President, Personnel Dept., Sales Control Dept., Sales Support Dept., Wholesales Marketing Dept., Industrial Fuel Marketing Dept. and Demand & Supply Coordination Dept.) |
|---|---|---|
| Representative Director Senior Managing Executive Officer |
Kenji Hosaka | Corporate Planning Dept. and Petroleum E & P Dept.(Current position: Corporate Planning Dept., International Ventures Dept., Crude Oil & Tanker Dept. and Petroleum Products Trading Dept.) |
| Senior Executive Officer | Hisashi Kobayashi | Sales Dept., Wholesales Marketing Dept., Industrial Fuel Marketing Dept. and Demand & Supply Coordination Dept. (Current position: General Manager, Sales Control Dept. and Assistant of Director for Sales) |
| Senior Executive Officer | Isao Kusakabe | International Ventures Dept., Crude Oil & Tanker Dept. and Petroleum Products Trading Dept.(Current position: General Manager, International Ventures Dept. and Assistant of Director for International Business) |
| Senior Executive Officer (newly elected) |
Hideo Matsushita | General Manager, Petroleum E & P Dept. and Assistant of Director for E & P Business(Current position: Counselor) |
| Executive Officer | Hiroshi Kiriyama | General Manager, Corporate Planning Dept. and Reform Promotion Dept.(Current position: General Manager, Corporate Planning Dept.) |
| Executive Officer (newly elected) |
Yoshimitsu Watanabe | General Manager, Information System Planning Dept.(Current position: General Manager, Personnel Dept.) |
