Ex-Banker Behind Chipmaker Renesas Chases $100 Billion Value
- Key supplier to Toyota eyes overseas boost helped by M&A
- Former Merrill Lynch banker sees growth in India and AI
A decade ago, Renesas Electronics Corp. was under government control and bleeding cash. Now worth $35 billion, the Japanese chipmaker is targeting a market value of around $100 billion by 2030, thanks to a string of overseas acquisitions.
Behind those deals is former Merrill Lynch banker Hidetoshi Shibata. Five years into his tenure as chief executive officer, the 51-year-old sees new business in India and in AI-enabling microcontrollers helping the company double annual revenue to a record $20 billion by the end of the decade. His ambition to triple the company’s valuation to ¥16 trillion to ¥17 trillion comes as a fresh surge in AI enthusiasm lifts shares of the chipmaker behind Toyota Motor Corp., Honda Motor Co. and Nissan Motor Co. to their highest since the global financial crisis.