Japanese electronics giant Panasonic Corp named the head of its loss-making TV business as its new president and pledged to get the TV division back on track within two years as the group heads for a record $10 billion loss.
Kazuhiro Tsuga, 55, who has been at the company for more than three decades, will replace Fumio Ohtsubo, who becomes chairman - still in a position of influence and a role that outgoing presidents in Japan usually take.
Founded as a maker of plugs almost a century ago, Panasonic has warned it will make a loss of 780 billion yen ($9.7 billion) in the year to end-March, as it counts the cost of restructuring its business, particularly in TVs. It will also write down 250 billion yen from its acquisition of rival Sanyo Electric. (Reuters)