Panasonic Corp. announced its intention to have Kazuhiro Tsuga take over the position of president from Fumio Ohtsubo, pending approval at the annual general meeting in June. The same reshuffle will see Ohtsubo becoming chairman, with incumbent Kunio Nakamura becoming an adviser to the company.
Panasonic forecast a 780 billion yen ($9.66 billion) loss in the year ending March 31, which includes a write-down related to its acquisition of Sanyo Electric Co. and the repercussions of a drop in demand for TVs.
Tsuga (pictured) currently is senior managing director and president of Panasonic’s audio visual division, having previously led a successful restructuring of the company’s car electronics business. He joined Panasonic in 1979.
Press release – http://tinyurl.com/6pfxnsy
Dow Jones Newswire – Panasonic Taps New Pres To Confront Massive Losses