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Panasonic Corp. Names New President

2/28/2012 09:23:17 AM Eastern

Osaka, Japan - Panasonic Corporation announced today that
president Fumio Ohtsubo is being replaced as president of the company,
effective April 1.

Ohtsubo is being replaced by Kazuhiro Tsuga, a senior
managing director at Panasonic. Ohtsubo will become chairman of the board,
replacing Kunio Nakamura who will
become executive advisor.

While the changes
are effective April 1, the changes will be submitted for and subject to
approval at the company's ordinary general meeting of shareholders to be held
on June 27, 2012.

The move came three
weeks after Panasonic reported a fiscal
second quarter record loss
ended Dec. 31 and a projected loss for the
fiscal year ended April 1 with sagging TV prices and demand taking most of the

Panasonic joined
Sony in replacing its president this month. Sony Corporation has named Kazuo
president/CEO, effective April 1, with current chairman,
CEO/president Howard Stringer to become chairman of the board of directors in
June 2012.

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