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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 blame.

Panasonic joined Sony in replacing its president this month. Sony Corporation has named Kazuo Hirai 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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