OREANDA-NEWS. Kawasaki Heavy Industries, Ltd. announces that the Board of Directors, in its meeting held today, has passed resolutions regarding replacement of directors and transition of management as stated below.

Kawasaki Heavy Industries also corrects certain announcements it has previously made, and announces that it has terminated all negotiations regarding management integration with Mitsui Engineering and Shipbuilding Co., Ltd.

The Board of Directors has, in its meeting held today, not taking into account the votes of the personnel in subject, unanimously passed resolution to dismiss Mr.  Satoshi Hasegawa, Mr. Mitsutoshi Takao and Mr. Masahiko Hirohata from their former positions of President, Senior Executive Vice President, and Senior Vice President respectively to Directors under supervision of President.

This replacement is due to arbitrary management actions of the above personnel in neglect of the view of the majority of the Board of Directors.

The Board had but to deem such actions questionable and unaligned with what the Board considers as good corporate governance and compliance, and made appropriate decisions.

Kawasaki Heavy Industries has sent notice on June 4, 2013 for the 190th regular shareholder meeting with the above three personnel appointed as candidates for Directors. The Board of Directors has passed resolution in its meeting of today to partially withdraw the agenda and subjects for the shareholder meeting, and submit agenda number three “regarding Election of 10 Directors” that does not include the above three personnel as candidates for Directors, to the shareholder meeting.