Shiseido : Changes among Directors, Audit ＆ Supervisory Board Members and Corporate Officers

(Translation)
Dear Sirs and Madams,	December 27, 2019
Name of Company:	Shiseido Company, Limited
Name of Representative:	Masahiko Uotani
	President and CEO
	(Representative Director)
(Code No. 4911; The First Section of the Tokyo Stock Exchange)
Contact:	Harumoto Kitagawa
	Vice President
	Investor Relations Department
	(Tel: [phone])

Changes among Directors, Audit & Supervisory Board Members and Corporate Officers

The Company has nominated the candidates for Directors and Audit & Supervisory Board Member to be voted upon at the 120th Ordinary General Meeting of Shareholders scheduled to be held in late March 2020 (hereafter, "General Meeting of Shareholders"). The persons listed below will be appointed as Directors and Audit & Supervisory Board Members if the proposal is approved.

1. Directors

Name	Following the 120th	Current Title
General Meeting of Shareholders
Masahiko Uotani	Representative Director*	Representative Director
	President and CEO	President and CEO
Yoichi Shimatani	Representative Director*	Representative Director
	Executive Vice President	Executive Vice President
Norio Tadakawa	Director（New）	Executive Corporate Officer
	Executive Corporate Officer
Yukari Suzuki	Director（New）	Corporate Officer (To become Executive
	Executive Corporate Officer	Corporate Officer as of Jan.1, 2020)
Yoshiaki Fujimori	External Director (New)	From outside the company
		(Refer to appendix)
Yoko Ishikura	External Director	External Director
Shinsaku Iwahara	External Director	External Director
Kanoko Oishi	External Director	External Director

* Representative Directors will be voted upon at the meeting of Board of Directors to be held after the General Meeting of Shareholders.

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2. Audit & Supervisory Board Members

Name	Following the 120th	Current Title
General Meeting of Shareholders
Takeshi Yoshida	Audit & Supervisory Board Member	Audit & Supervisory Board Member
	(Full-time) *	(Full-time)
Akiko Uno	Audit & Supervisory Board Member	Audit & Supervisory Board Member
	(Full-time) *	(Full-time)
Yasuko Goto	Audit & Supervisory Board Member	Audit & Supervisory Board Member
	(External)	(External)
Ritsuko Nonomiya	Audit & Supervisory Board Member	From outside the company
	(External) (New)	(Refer to appendix)
Hiroshi Ozu	Audit & Supervisory Board Member	Audit & Supervisory Board Member
	(External)	(External)

• Full-timeAudit & Supervisory Board Members will be voted upon at the meeting of the Audit & Supervisory Board to be held after the General Meeting of Shareholders.

1. Director and Audit & Supervisory Board Member who will retire after the General Meeting of Shareholders Mr. Jun Aoki will retire as Director (while remaining Executive Corporate Officer) and Ms. Eiko Tsujiyama will retire as External Audit & Supervisory Board Member.
2. Corporate Officers (Effective January 1, 2020)

The Company hereby announces the following changes of corporate officers effective on January 1, 2020 including some changes in the corporate officers announced on November 25, 2019.

Name		New Title			Current Title
Masahiko Uotani	President & CEO				President & CEO
	Japan Region Chief Executive Officer
Yoichi Shimatani	Executive Vice President			Executive Vice President
	Chief Innovation Officer			Chief Innovation Officer
	Assisting the CEO in general corporate	Assisting the CEO in general corporate
	management				management
Jun Aoki	Executive Corporate Officer			Executive Corporate Officer
	Chief Social Value Creation Officer	Chief People Officer
	Assisting the CEO in general corporate	Chief Social Value Creation Officer
	management				Assisting the CEO in general corporate
	Social	Value	Creation,	Facility	management
	Management,	Global	Professional	Human Resources, Social Value
	Business					Creation, Facility Management
Kentaro Fujiwara	Executive Corporate Officer			Corporate Officer
	China Region Chief Executive Officer	China Region Chief Executive Officer

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Shigekazu Sugiyama	Executive Corporate Officer		Executive Corporate Officer
	Assisting the Japan CEO			Japan Region Chief Executive Officer
Yukari Suzuki	Executive Corporate Officer		Corporate Officer
	Chief Brand Officer, Clé de Peau Beauté,	Chief Brand Officer, Clé de Peau Beauté,
	IPSA, THE GINZA				Global Prestige Brands
								Clé de Peau Beauté Brand
Norio Tadakawa	Executive Corporate Officer		Executive Corporate Officer
	Chief Supply Network Officer		Chief Supply Network Officer
	Supply	Network	Strategy,	Supply	Supply Network Strategy, Supply &
	Network		Fundamental	Development,	Purchasing, Global Initiative, Demand &
	Logistics,			Production,	Purchasing,	Supply Planning, Logistics, Production,
	Global Brands S&OP, Demand & Supply	Factories, Nasu Factory Establishment
	Planning, Factories
Hiromi Anno	Corporate Officer				Vice President, Global Communications
	Chief Public Relations Officer		Department
	Global Public Relations
Michael Coombs	Corporate Officer				Corporate Officer
	Chief Financial Officer			Chief Finance Officer
	Strategic Finance, Financial Accounting,	Strategic Finance, Financial Accounting,
	Investor Relations,				Investor Relations,
	Business Transformation			Business Development
Kiyomi Horii	Corporate Officer				Corporate Officer
	Chief Beauty Strategy Officer		Chief Beauty Strategy Officer
Mika Inoue	Corporate Officer				Senior Vice President, R&D
	Chief Regulatory Officer			Vice President, Cosmetics Technical
	GIC Transformation Leader		Information Development Center,
	Intellectual		Property, GIC	Integrated	Global Innovation Center
	Operations,	Regulatory	Strategy,
	Cosmetics		Technical	Information
	Innovation
Akihiro Miura	Corporate Officer				Vice President, Supply Network Strategy
	Supply	Network	Strategy,	Supply	Department
	Network		Fundamental	Development,
	Logistics, Production
Minoru Nakamura	Corporate Officer				Deputy Chief People Officer
	Chief People Officer
	Chief Wellness Officer
	Human Resources
Yoshiaki Okabe	Corporate Officer				Corporate Officer
	Chief Brand Officer, brand SHISEIDO	Chief Brand Officer, brand SHISEIDO,
								Global Prestige Brands
								SHISEIDO Brand

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Yoshihiro Shiojima	Corporate Officer		Corporate Officer
	Chief Quality Officer		Chief Quality Officer
	Quality Management, Executive &	Quality	Management,	Regulatory
	External Relations		Strategy, Executive & External Relations
Atsunori Takano	Corporate Officer		Vice President, Global ICT Department
	Chief Information Technology Officer
	Global ICT, Information Security
Toshinobu Umetsu	Corporate Officer		Chief Strategy Officer
	Chief Strategy Officer		Vice President, Corporate Strategy
	Corporate Strategy, Consumer & Market	Department
	Intelligence, Business Development
Naomi Yamamoto	Corporate Officer		Corporate Officer
	Chief Creative Officer		Chief Creative Officer
	Creative, Beauty Creation, Social Value	Creative, Beauty Creation, Social Value
	Creation			Creation
Terufumi Yorita	Corporate Officer		Corporate Officer
	Chief Legal Officer		Chief Legal Officer
	Legal & Governance, Risk Management	Legal & Governance, Risk Management
Katsunori Yoshida	Corporate Officer		Corporate Officer
	Chief Product Innovation Officer	Chief Product Development Officer
	Incubation,	Packaging	Innovation,	Cosmetics R&D, Package Development,
	Cosmetics	R&I, Process	Engineering	Process Engineering Development
	Innovation
		- End of News Release -

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[Supplementary Material]

Nomination of Yoshiaki Fujimori as Candidate

for New External Director

1．Reason for Nomination

• The Company deems external directors to be one of the cornerstones of corporate governance, and expects that these directors will fulfill the function of monitoring its business operations from a standpoint that is independent of the Company, thereby playing an important role for the maximization of corporate and shareholder value. Based on this recognition, the Company believes that it is important for external directors to demonstrate their great ability from diverse viewpoints as members of the Board of Directors, capitalizing on their abundant experience.
• Mr. Fujimori has a wealth of experience and track record as a global leader. He became the first Asian senior vice president of General Electric Company, and currently promotes the globalization of the LIXIL Group and LIXIL Group Corporation. We believe he will contribute to further improvement of the effectiveness of the Company's Board of Directors with his practical knowledge of the globalization of Japanese companies. Therefore, we have appointed him as a new candidate for external director.
• Based on the Company's Criteria for Independence of External Directors and Audit & Supervisory Board Members, the relationships between the organizations that Mr. Fujimori serves and the Shiseido Group were surveyed, and it was confirmed that he maintains a high level of independence from the Shiseido Group.

2．Biography

Date of birth: July 3, 1951

April 1975	Joined Nissho Iwai Corporation (currently Sojitz Corporation)
October 1986	Joined General Electric Japan Ltd.
September 1997	Company Officer, General Electric Company
May 2001	Senior Vice President, General Electric Company
October 2008	Representative Director, Chairman, President and CEO, General Electric Japan Ltd.
March 2011	Representative Director and Chairman, GE Japan Corporation
June 2011	Director, LIXIL Corporation
	Director, JS Group Corporation (currently, LIXIL Group Corporation)
August 2011	Representative Director, President and CEO, LIXIL Corporation
	Director, Representative Executive Officer, President and CEO, LIXIL Group
	Corporation
June 2012	External Director, Tokyo Electric Power Company, Incorporated (currently Tokyo
	Electric Power Company Holdings, Inc.)
January 2016	Representative Director, Chairman and CEO, LIXIL Corporation
June 2016	Senior Adviser, LIXIL Corporation (incumbent)
	External Director, Takeda Pharmaceutical Company Limited (incumbent)
July 2016	Outside Director, Boston Scientific Corporation (incumbent)
February 2017	Senior Executive Advisor, CVC Asia Pacific (Japan) Kabushiki Kaisha
August 2018	Outside Director and Chairman, Oracle Corporation Japan (incumbent)
June 2019	Outside Director, Toshiba Corporation (incumbent)
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Nomination of Ritsuko Nonomiya as Candidate

for New External Audit & Supervisory Board Member

1．Reason for Nomination

• Taking into consideration the importance of audits and the role of Audit & Supervisory Board members with regard to corporate management, and the personality and knowledge of a candidate therefor, the Company has a policy to select an adequate person as a candidate for Audit & Supervisory Board member. Furthermore, from the viewpoint of increasing the diversity of the Audit & Supervisory Board, the Company believes that the Audit & Supervisory Board should be composed of members with various perspectives, backgrounds, and multilateral sophisticated skills.
• Ms. Nonomiya has job experiences at KPMG accounting firms in the U.S. and Japan, and has M&A and business development experience at UBS Group and GE Group. Thus, she possesses management knowledge and business experience including matters of M&A in addition to a high level of financial and accounting knowledge. Based on such extensive experience, we have appointed her as a new candidate for external Audit & Supervisory Board member based on the belief that she will utilize her extensive knowledge and experience in auditing the legality and appropriateness of the execution of duties by directors and provide advice, recommendations, and opinions necessary for the Company's Board of Directors.
• Based on the Company's Criteria for Independence of External Directors and Audit & Supervisory Board Members, the relationships between the organizations that Ms. Nonomiya serves and the Shiseido Group were surveyed, and it was confirmed that she maintains a high level of independence from the Shiseido Group.

2．Biography

Date of birth: November 28, 1961

September 1987	Joined Pete Murwick Maine Accounting Firm (currently KPMG LLP)
April 1997	Partner, KPMG Corporate Finance Co., Ltd.
November 2000	Joined UBS Warburg Securities Co., Ltd. (currently UBS Securities Japan
	Co., Ltd.)
January 2005	M & A Advisory, Managing Director, UBS Warburg Securities Co., Ltd.
	(currently UBS Securities Japan Co., Ltd.)
July 2008	Senior Vice President, Business Development Leader, GE Capital Asia
	Pacific
December 2013	Managing Director, GCA Savvian Corporation (currently GCA Advisors
	Corporation) (incumbent)
February 2015	Executive Officer, GCA Savvian Corporation (currently GCA Advisors
	Corporation) (incumbent)
March 2017	Director of GCA Corporation (incumbent)
	End of document

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