Tokyo, March 25, 1998 -- Mitsubishi Electric Corporation today named Dr. Ichiro Taniguchi as the company's new president. The move is scheduled to be formally approved by a vote at the company's general shareholders' meeting on June 26th.

Dr. Taniguchi will be replacing Takashi Kitaoka. Mr. Kitaoka will step down from the president's seat to occupy the position of senior corporate advisor. Mr. Kitaoka will also continue to be a member of the company's board of directors.

"Today, we announce the beginning of a new Mitsubishi Electric," Dr. Taniguchi said. "The path we must travel is clear: We must strive further to expand our strong operations, while carefully selecting and consolidating areas of our product portfolio which are currently operating at a loss. On behalf of our shareholders, employees, and customers, we must stay focused on the future and return Mitsubishi Electric to profitability as quickly as possible."

Dr. Taniguchi joined Mitsubishi Electric Corporation in 1959. First serving as a researcher in the company's Central Research Laboratory, he served in several management positions at the company's factory in Kamakura, Japan, over the next two decades. In 1991, Taniguchi was first named to Mitsubishi Electric's board of directors. He became the general manager of the Electronic Products and Systems Group in 1995 and was promoted to his previous position of senior managing director in June of last year.

Dr. Taniguchi was born in Hyogo Prefecture in 1936. A B.S. graduate of Kyoto University's department of physics, Dr. Taniguchi received his engineering doctorate in 1972 from the same university.

About Mitsubishi Electric Corporation

With more than 75 years of experience in providing reliable, high quality products to clients and consumers all over the world, Mitsubishi Electric is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation, and construction. Based in Tokyo, the company has operations in over 35 countries around the world and posted consolidated sales of over US$ 35 billion in 1997.