Tokyo — The newly named president of Victor Company of Japan (JVC) will begin his role by cutting some 28 percent of the domestic staff, the company said.
Last week, JVC said that Kunihiko Sato, JVC’s senior managing director, would be promoted to president, effective in late June, and that Sato will oversee a new restructuring plan.
That effort includes plans for about 1,800 job cuts this fiscal year ending next March, the company said. The company said approximately 800 of the cuts would come through spin-offs.
In the restructuring, JVC plans to increase its focus on LCD TVs and DILA projection TVs technologies. JVC said it intends revitalize the projection business using a next-generation DILA engine.
There is still no word on the possible sale of JVC parent Matsushita’s 52.4 percent equity stake in JVC to U.S. investment fund Texas Pacific Group.
