He will also then cease to be a Director of the Company, assuming the role of senior advisor to the Board.
As a result of this change, and effective 1 October 2009, Katsuji Fujimoto, currently Chairman of NSG Group, will be appointed President and CEO, and Representative Executive Director, with responsibility for managing the operations of the NSG Group.
At the same time, Yozo Izuhara, currently Chairman of the Board, will assume the role of non-executive Chairman of NSG Group. These appointments will remain in place as long as is necessary for the Company to put in place a long-term succession.
Yozo Izuhara said ‘Stuart Chambers was CEO of Pilkington plc at the time of its acquisition by NSG and later COO and subsequently CEO of NSG Group. Now, after seven years at the top of these companies and having successfully steered through the integration of the two businesses, he has taken the decision to stand down for personal family reasons.
The Board of NSG recognise the major contribution Stuart Chambers has made during his tenure in improving the operational and financial strength of the Company. Despite the current global economic downturn, we have made considerable progress on our strategic objectives. The integration is complete, our initial target for net debt reduction has been met a year early and decisive action has been taken to restructure the Group to address the new market conditions. I take this opportunity to thank Stuart for his commitment and enthusiasm throughout the last three years in helping to create an integrated and international NSG Group’.