KEMET Announces Election of Yasuko Matsumoto to KEMET Board of Directors
June 14 2017 - 8:30AM
KEMET Corporation (the “Company” or “KEMET”) (NYSE:KEM), a leading
global supplier of passive electronic components, announced today
that Yasuko Matsumoto has been elected to the Company’s Board of
Directors. On June 13, 2017, the Company’s Board of Directors
increased the size of the Board to nine members and elected Ms.
Matsumoto to fill the resulting vacancy, placing her in the Board
of Directors’ Class of 2019.
Ms. Matsumoto is currently employed as the
General Manager, Affiliated Company Department, Corporate Strategy
Division of NEC Corporation (“NEC”). She joined NEC in 1986, in the
Corporate Finance Division; served as Manager, Corporate Finance
Division, of NEC Capital Solutions Limited (an NEC subsidiary) from
1998 to 2000; and in 2000 moved to NEC’s Corporate Alliance
Department before her transfer in 2008 to her current department.
Ms. Matsumoto currently serves on the board of directors of Nippon
Avionics Co., Ltd. (listed on the Tokyo Stock Exchange), Netcracker
Technology Corporation and NEC Energy Devices, Ltd. Ms. Matsumoto
served as a director of NEC TOKIN Corporation from 2011 until its
acquisition by KEMET on April 19, 2017. Ms. Matsumoto received a
Bachelor of Economics degree from Sophia University and is a
graduate of the Executive Management Program of the University of
Tokyo.
Per Loof, KEMET Corporation’s Chief Executive
Officer, stated, “We are delighted to welcome Yasuko to our Board
of Directors. We believe that Yasuko’s financial expertise,
experience in mergers and acquisitions, and experience with, and
access to, the Asian financial markets will provide significant
benefits to our Board and to our shareholders as we continue to
focus on the Asian markets. We also expect to benefit from
her particular experience with the automotive industry and with the
Asian electronics components markets.”
“I am honored to join the Board of Directors of
KEMET,” said Yasuko Matsumoto. “I look forward to expanding
our relationship developed over the years in connection with the
acquisition of TOKIN Corporation by KEMET, and providing assistance
to KEMET as it continues to expand into the Japanese and Asian
markets.”
About KEMET
The Company's common stock is listed on the NYSE under the
ticker symbol "KEM" (NYSE:KEM). At the Investor Relations
section of our web site at http://www.kemet.com/IR, users may
subscribe to KEMET news releases and find additional information
about our Company. KEMET offers our customers the broadest
selection of capacitor technologies in the industry, along with an
expanding range of electromechanical devices, electromagnetic
compatibility solutions and supercapacitors. Our vision is to
be the preferred supplier of electronic component solutions
demanding the highest standards of quality, delivery and service.
Additional information about KEMET can be found at
http://www.kemet.com.
CAUTIONARY STATEMENT ON FORWARD-LOOKING
STATEMENTS
Certain statements included herein contain forward-looking
statements within the meaning of federal securities laws about
KEMET Corporation’s (the “Company”) financial condition and results
of operations that are based on management’s current expectations,
estimates and projections about the markets, in which the Company
operates, as well as management’s beliefs and assumptions. Words
such as “expects,” “anticipates,” “believes,” “estimates,”
variations of such words and other similar expressions are intended
to identify such forward-looking statements. These statements are
not guarantees of future performance and involve certain risks,
uncertainties and assumptions, which are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expressed or forecasted in, or implied by, such
forward-looking statements. Readers are cautioned not to place
undue reliance on these forward-looking statements, which reflect
management’s judgment only as of the date hereof. The Company
undertakes no obligation to update publicly any of these
forward-looking statements to reflect new information, future
events or otherwise.
Factors that may cause actual outcome and results to differ
materially from those expressed in, or implied by, these
forward-looking statements include, but are not necessarily limited
to the following: (i) adverse economic conditions could impact our
ability to realize operating plans if the demand for our products
declines, and such conditions could adversely affect our liquidity
and ability to continue to operate and cause a write down of
long-lived assets or goodwill; (ii) an increase in the cost or a
decrease in the availability of our principal or single-sourced
purchased raw materials; (iii) changes in the competitive
environment; (iv) uncertainty of the timing of customer product
qualifications in heavily regulated industries; (v) economic,
political, or regulatory changes in the countries in which we
operate; (vi) difficulties, delays or unexpected costs in
completing the restructuring plans; (vii) acquisitions and other
strategic transactions expose us to a variety of risks; (viii)
acquisition of TOKIN may not achieve all of the anticipated
results; (ix) our business could be negatively impacted by
increased regulatory scrutiny and litigation; (x) difficulties
associated with retaining, attracting and training effective
employees and management; (xi) the need to develop innovative
products to maintain customer relationships and offset potential
price erosion in older products; (xii) exposure to claims alleging
product defects; (xiii) the impact of laws and regulations that
apply to our business, including those relating to environmental
matters; (xiv) the impact of international laws relating to trade,
export controls and foreign corrupt practices; (xv) changes
impacting international trade and corporate tax provisions related
to the global manufacturing and sales of our products may have an
adverse effect on our financial condition and results of
operations; (xvi) volatility of financial and credit markets
affecting our access to capital; (xvii) the need to reduce the
total costs of our products to remain competitive; (xviii)
potential limitation on the use of net operating losses to offset
possible future taxable income; (xix) restrictions in our debt
agreements that could limit our flexibility in operating our
business; (xx) disruption to our information technology systems to
function properly or control unauthorized access to our systems may
cause business disruptions; (xxi) additional exercise of the
warrant by K Equity, LLC which could potentially result in the
existence of a significant stockholder who could seek to influence
our corporate decisions; (xxii) fluctuation in distributor sales
could adversely affect our results of operations, (xxiii)
earthquakes and other natural disasters could disrupt our
operations and have a material adverse effect on our financial
condition and results of operations.
Contact:
William M. Lowe, Jr.
Executive Vice President and
Chief Financial Officer
williamlowe@kemet.com
864-963-6484
Richard J. Vatinelle
Vice President and
Treasurer
richardvatinelle@kemet.com
954-766-2838
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