|On June 27, 2003, DENSO put in place a new senior management
team. Hiromu Okabe, formerly president and CEO, was appointed vice chairman, while
Koichi Fukaya, a leading exponent of our "Quality First" approach, and
a manager with extensive leadership experience both overseas and in Japan, was
chosen as his successor. Akira Takahashi will remain as chairman.
Koichi Fukaya's unstinting commitment to quality, the fundamental tenet of the
DENSO way, and his global outlook, make him the ideal choice to lead your company
into this new and challenging era in the automotive industry.