1. Masato Izumihara, President

The Board of Directors, at our meeting today, resolved that Yuki Nishida, representative director and senior managing executive officer, will assume the position of president as of April 1 this year. As part of this transition, Chairman of the Board of Directors Yuzuru Yamamoto will step down on the same date, and I will assume that position.
Having assumed the role of president in April 2019, I have had the privilege of serving in this position for six years. I am deeply grateful for all the support I have received and would like to take this opportunity to express my heartfelt gratitude.

As president, I have led the spin-off of the cement business and advanced a holding company-style management structure centered on the chemicals business. At the same time, we have accelerated a shift in the chemicals business toward specialty chemicals. To expand our business in specialty chemicals, we have actively invested in facilities in and outside Japan for products such as polyimide, gas separation membranes, and C1 chemicals. We have also strengthened the foundation for our future growth through M&A in high-performance urethane and the pharmaceuticals businesses.
In the areas of ammonia, nylon raw materials, and other basic businesses, we have clarified specific plans for downsizing and withdrawal. We have also recognized and accounted for future losses, ensuring progress in our business structural reforms.

Over our long 128-year history, we have significantly transformed our business in the 1960s, responding to the energy revolution by shifting from coal to oil, closing coal mines, and entering the petrochemical industry. Today, we believe we are in the midst of another transformation just as significant.
From the moment Mr. Yamamoto handed me the baton, I viewed my tenure as a defined six-year period, which would span two consecutive three-year medium-term management plans. I was committed to speedily driving a forward-looking transformation of the company over that period of time. My goal was to address challenges without delay and to pass the company on to my successor in the best possible shape.

Unfortunately, I was unable to achieve this. Our performance fell significantly short of plans, and I did not deliver the anticipated results. However, while navigating dramatic changes in the business environment, I believe we have done what is needed at this point in time to lay the foundation for future growth.

Our new medium-term management plan begins this April.
To achieve our vision for 2030 -- becoming a corporate group centered on specialty chemicals that contributes to the global environment, human health, and an enriched future society -- the UBE Group will continue to steadily execute previously announced plans for our basic businesses as scheduled, and at the same time, focus on expanding our specialty chemicals business under our new medium-term management plan. We determined that the upcoming medium-term management plan requires a new enterprising leader with the necessary drive and strong execution capabilities. Accordingly, in consultation with the Nominating Committee, the decision was made to appoint Yuki Nishida as our next president, and his nomination was approved at today's Board of Directors meeting.
Mr. Nishida brings with him a technical background with a comprehensive understanding of our chemicals business and has been deeply involved in global business development for many years. He has particularly extensive expertise in C1 chemicals and high-performance urethanes, both of which will be key to the future expansion of our specialty chemicals business. Furthermore, the Nominating Committee has been reviewing and evaluating Mr. Nishida for some time as a designated candidate for the next CEO under the CEO succession plan, and as such, he has been assigned to such roles as the general manager of the Production Division and assistant to the president, gaining extensive experience in all aspects of management.
Above all, he is a leader with a strong passion for advancing reforms, ready to carry forward the structural changes that our company has already undertaken and push them even further. He is the right person to lead our growth strategy as the new president.
Mr. Nishida has been leading DX initiatives across various areas of management. To accelerate the growth of our specialty business and strengthen sustainability management, he will continue to oversee these responsibilities, as well as the C1 chemicals project, for the time being.

Under our new president's leadership, the UBE Group will continue to build on the results our structural reforms have achieved, while continuing to strive for further growth.
We sincerely appreciate your continued understanding and support.

2. Yuki Nishida, Incoming President (Current Representative Director)

I am Yuki Nishida, and I have been appointed as the next president. I will succeed President Masato Izumihara, effective April 1, as resolved at today's Board of Directors meeting. I am truly honored to take on the role of president and feel a deep sense of responsibility in doing so.

Joining the company in 1987, I began my career as a member of the manufacturing team at the Ube Chemical Factory and have been engaged in the chemicals business for many years. Being entrusted with the role of president at a time like this comes with great responsibility, but at the same time, I trust it will prove highly rewarding.
Over our 128-year history, UBE has overcome countless challenges, continuing to grow and innovate. I am deeply grateful for the warm support of all our stakeholders and the dedication of our employees, whose efforts have made this possible.

I would like to outline three goals that I am aiming to achieve.
My top priority is to drive the transition to a specialty chemicals company by firmly advancing the business structure transformation, based on the next medium-term management plan, which starts in fiscal year 2025.
Given the uncertain times ahead, it will be essential that we respond to change swiftly, take on new challenges and pursue transformation.
We aim to drive technological innovation by strengthening our research and development capabilities, while closely collaborating with our sales division to accurately identify future needs at the global level. The goal is to be a partner in innovation, engaging proactively and creating new opportunities.

Second, it is essential that we create an environment where every employee is able to maximize their potential. Based on our belief that individual employee growth is the most crucial factor in a company's development, we will create a more supportive work environment and enhance our human resource systems to help employees take ownership of their careers.

Third, we will focus on fulfilling our corporate social responsibilities by actively engaging in environmental conservation and community contribution efforts. We will demonstrate leadership in building a sustainable world and continue our efforts to be a company able to make a meaningful contribution to society at large.

Finally, I would like to express my gratitude to everyone who has supported me. In pursuit of our vision, and with the help of Mr. Izumihara, who is set to assume the position of chairman, I will fully devote myself to my responsibilities as the next president and serve with the utmost sincerity.
I humbly ask for your continued support and collaboration.

Contact

Public Relations Group, Corporate Communication Department, UBE Corporation
Tel: +81-3-5419-6110; E-mail: contact_pr@ube.com