Wed, Feb 29, 2012 - Page 12 News List

Panasonic names Tsuga new president

Bloomberg

Panasonic Corp, Japan’s largest appliances maker, named Kazuhiro Tsuga its president three weeks after forecasting a record net loss because of slowing demand for TVs and production halts caused by floods in Thailand.

Tsuga, 55, will replace Fumio Ohtsubo, 66, who will become chairman, the Osaka-based company said in a statement yesterday.

Tsuga, now a senior managing director and president of the -audio-visual products unit, will take over the presidency after getting shareholder approval at a June 27 general meeting.

Panasonic, which forecast a ¥780 billion (US$9.7 billion) loss in the year ending on March 31, joins Sony Corp in nominating a younger leader amid worsening earnings as the electronics makers struggle to turn around money-losing TV operations and cope with the stronger yen.

Tsuga joined the company in 1979 and was promoted to -executive officer at the age of 47. He helped develop DVD recorders and headed the automotive systems unit before taking over the audio-visual products unit in April last year.

Panasonic’s shares fell 0.4 percent to close at ¥748 in Tokyo trading before the announcement, narrowing its gain this year to 14 percent.

The stock has lost more than 60 percent of its value since June 2006, when Ohtsubo became president.

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