Takashi Nishioka
Profile
Performance in office
Tenure
Tenure
Background
He joined Shin Mitsubishi Heavy Industries in 1959, became Executive Vice President in June 1998 and President in June 1999. He spent 40 years at Mitsubishi Heavy Industries, formed in 1964 by the merger of Mitsubishi Shipbuilding, Shin Mitsubishi Heavy Industries and Mitsubishi Nippon Heavy Industries. An engineer long in the aircraft division, he appears to have been appointed from a side branch in a company whose mainstream had been shipbuilding and power systems.
Selection
In June 1999 he succeeded Nobuyuki Masuda as President. In the fiscal year ended March 1999, the year before, consolidated net sales were ¥2,907.7 billion and net income ¥18.0 billion, down from ¥123.6 billion in FY ended March 1997. Prices had plunged in overseas markets, and the specifications customers demanded were growing stricter. Overconfidence in its technology and cost competitiveness had led the company to chase volume, piling up unprofitable projects and rework.
Initiatives
In fiscal 1999 the company booked losses on major uncompleted contracts, writing off ¥92.0 billion on 10 projects with contract value of ¥330 billion. The consolidated net loss for the fiscal year ended March 2000 was ¥137.0 billion, the first loss since the three-way merger of 1964. In November 1999 he announced the restructuring plan "2000 Business Plan," targeting non-consolidated ordinary income of ¥130.0 billion in FY ended March 2004 and a workforce cut of 5,000 to 35,000. It included no list of businesses to be wound down or shrunk; what he repeatedly held up was "a return to the roots of manufacturing."
Career
Career
Mitsubishi Heavy Industries
| Date | Position |
|---|---|
| 1959 | Joined Shin Mitsubishi Heavy Industries |
| Jun 1998 | Executive Vice President |
| Jun 1999 | President |
| Jun 2003 | Chairman |
| Jun 2003 | Stepped down as President |