Former Sanyo Electric Co. Chairman Satoshi Iue is expected to resign as executive director to take responsibility for the firm's poor earnings, company sources said Thursday.
The consumer electronics maker is expected to incur a record group net loss of 230 billion yen in fiscal 2005 to next March due to a stricter valuation of the company's assets, the sources said.
Iue, the oldest son of the late Sanyo founder Toshio Iue, served as Sanyo's president and chairman for about 20 years, starting in 1986.