Panasonic Corp, is appointing its senior executive Kazuhiro Tsuga as the President of the company. Kazuhiro, would be replacing incumbent President – Fumio Ohtsubo, who is expected to step down following forecast of huge losses to the tune of up to $ 9 Billion.
Tsuga, 55, has been at the company for more than three decades
The reshuffle would take place in June – and would lead to Ohtsubo becoming the chairman of the board, replacing Kunio Nakamura. Generally in Japan, outgoing President take on the chairman’s role.
Ohtsubo apologised for the losses saying, “I feel the responsibility for the huge amount.”
In a similar move Sony Corp. in the first week of Feb 2012, had appointed Kazuo Hirai as the company’s new CEO and President, replacing Howard Stringer. For details read our previous post: Sony Corp. promotes Kazuo Hirai as CEO