FumioOhtsubo
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Panasonic's restructuring plan will let it keep making TVs, for now
After rumors swirled that Panasonic was considering putting a stop to production of its well-regarded plasma HDTVs later this year, the company announced it will stay in the business. President Kazuhiro Tsuga revealed a three year growth plan for Panasonic to focus on batteries and entertainment systems for cars, as well as environmentally friendly housing developments. It will also streamline the number of departments by allowing each division to handle its own products from development to release. The beleaguered TV unit will stay, as Tsuga said it will consider walking away only as a last resort. Additionally, Chairman and former CEO Fumio Ohtsubo will retire in June. Some analysts believe Panasonic will still need to lay off workers if it's to turn things around, but we'll have to wait and see how Tsuga's plan comes together.
Panasonic names Kazuhiro Tsuga as new president after old one loses $9 billion
In the aftermath of company losses that passed $9 billion, Panasonic has announced that Fumio Ohtsubo is to step down as company president. He'll be replaced by current senior executive Kazuhiro Tsuga in an executive reshuffle that'll take place in June, when Ohtsubo will step up to become chairman of the board, replacing Kunio Nakamura who is taking an "advisory role." Tsuga was formerly an exec. at Matsushita (before it was renamed... Panasonic. Confusing, we know), where he spent a lot of time thumbing his nose at HD DVD and promising that Blu-Ray would win the last format war -- so we know his instincts are at least halfway decent.
