From late June, George Olcott will retire from his position as External Director, to be succeeded by Günter Zorn (pictured).

Mr. Olcott has served as an External Director of the NSG Board since June 2008, and has completed the full six-year term for External Directors.

As stipulated by NSG’s internal rules, he will now be retiring, and the NSG Board has nominated Günter Zorn as his successor.

Mr. Zorn is a German executive with vast international experience, who has lived and worked in Japan for more than 20 years.

From 2006-2010 Mr. Zorn was the President of the German Chamber of Commerce and Industry in Japan. In 2009, Mr. Zorn founded his own management consulting company, Z-Anshin K.K.

The proposed appointments will be formally decided at NSG’s 148th Ordinary General Meeting of Shareholders, which will be held in late June 2014.

As a result of these changes, the Board composition remains unchanged, consisting of eight Directors, four of which are External Directors.