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Daily News

Sanyo Executive Resigns
Oct 10, 2005
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Consumer electronics maker Sanyo Electric Co., Ltd. said its vice president and chief financial officer, Yoichiro Furuse, resigned due to a difference of opinion regarding management policies.

The company is undergoing a 3-year restructuring program and named former journalist Tomoyo Nonaka as chairman and chief executive in April 2005.

Sanyo previously forecast that it expects to lose more money than originally announced due to slow sales of consumer electronics and components such as semiconductors.

The Osaka, Japan-based company now expects a net loss of 140 billion yen (approx. U.S. $1.2 billion) in the year ending March 31, 2006. That is up from its previous projection of a loss of 92 billion yen (approx. $814 million).

Furuse served as vice president since June 2002, Kyodo News agency said.

Sanyo announced a turnaround plan on July 5, 2005 calling for 14,000 job cuts, or 15 percent of its global workforce, a 1/5-reduction of factory space, discontinuing some product lines, and cutting debt by about half.

The company also appointed a new management team in April 2005 to revive the company after it posted a net loss of $1.53 billion for the year ended in March 2005. (AP)

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