Panasonic Corp. will revamp its main management group to pare its size as it aims to shift away from its money-losing television business to more profitable batteries and solar cells.
"We aim to make a v-shaped recovery, no matter what it takes," President Fumio Otsubo, 66, said Wednesday at the company's annual shareholders' meeting in Osaka. "We intend to simplify the headquarters function this fiscal year." Otsubo became chairman later in the day and was replaced as president by Kazuhiro Tsuga.
Panasonic, Sony Corp. and Sharp Corp. are all seeking shareholder approval this week for new leaders after a decline in television prices, the yen's gain, floods in Thailand and last year's earthquake led them to post a combined ¥1.6 trillion in net losses for the business year that ended March 31.