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KENWOOD Corporation Annual Report 2002
04
Message from the President
— Rebuilding Kenwood New Management Policies
Kenwood Revitalization Action Plan
Enhanced Corporate Governance
As the first step towards revitalization, Kenwood's Board of
Directors introduced on June 27, 2002 a new management
team comprised of executive officers. The new management
structure is designed to increase transparency, efficiency,
and compliance to global management standards and
promote confidence and understanding among
shareholders, creditors, and bankers. To be more specific,
the Company will invite community and business leaders,
with diverse values, to serve as outside board members and
make business decisions in open board meetings. On the
other hand, executive officers will focus on the management
of respective business units, giving higher priorities to
stringent inventory control and cash flow management. In
order to support the sweeping changes for our bold reforms,
we have established the new Restructure Initiative Office. I
will head up this office with Mr. Ueda, one of the directors of
the board, working as the deputy. Under our new
management structure's leadership, we are determined to
take on the challenge of rebuilding the Company promptly
and effectively.
From Quantity to Quality — Reform of Business
Structure for Higher Profitability
Allow me to explain the details of the Restructure and