Tokyo, March 31, 2026

Paloma Rheem Holdings Co., Ltd. ("PRH") today announced that its wholly owned subsidiary Paloma Co., Ltd. ("Paloma") has elected a new leadership team at its Board of Directors meeting. Effective April 1, Hiroaki Kobayashi will become Representative Director and Chairman, and Yoshikatsu Nakayama will become Representative Director and President.

With the 2025 addition of air conditioning manufacturer GENERAL, PRH has positioned itself to drive global growth as an Air & Water company alongside Paloma and Rheem. Yoshikatsu Nakayama will lead Paloma's operations as President, while Hiroaki Kobayashi will serve as Chairman of Paloma and intensify his focus on PRH as Representative Director and President of the holding company, strengthening collaboration across group companies to accelerate growth.

Hiroaki Kobayashi commented, "I will now shift my focus to managing the PRH Group as a whole. I am committed to enhancing PRH's presence as a world-leading Air & Water company originating from Japan and achieving sustainable growth on a global scale."

Yoshikatsu Nakayama, who will assume the role of Representative Director and President of Paloma, commented, "my primary mission is to continuously deliver safety, security, and comfort to customers' daily lives through Paloma's products and services. As a member of the PRH Group, Paloma will advance technological innovation in collaboration with GENERAL and Rheem and pursue growth toward realizing a decarbonized society."

For details on Paloma’s new leadership team, please refer to this link.

About Paloma Rheem Holdings

Paloma Rheem Holdings (“PRH”) is one of the world's leading air and water companies, operating both air conditioning and water heating businesses. The group is comprised of Paloma, GENERAL (formerly Fujitsu General) in Japan, and Rheem in the U.S., and is primarily engaged in the manufacturing and sales of air conditioning, water heating, heating, and kitchen equipment. Since Paloma acquired Rheem in 1988, the two companies have built a strong partnership over 40 years, respecting each other. The company has actively pursued M&A, particularly in North America and Europe, while pursuing technological innovation and quality improvement to drive business expansion. In 2025, with the acquisition of GENERAL, PRH further solidified its position as a leading company in the air and water sector.

PRH is committed to developing air conditioning and water heating solutions that meet customer needs, positioning itself as an essential support company for comfortable living worldwide. The group operates from 29 countries with a presence in over 100 countries, employing approximately 26,000 people across 43 manufacturing facilities and 25 research and development centers. For the fiscal year ending December 2024, the group generated sales of approximately ¥1 trillion and operating profit of approximately ¥100 billion (excluding GENERAL). For more details, please visit the website: https://www.pr-holdings.co.jp/

Profile of Newly Appointed Representative Director and President of Paloma Co., Ltd.

Yoshikatsu Nakayama

Date of Birth: April 2, 1962