Hitachi Names New President Dec 21, 2005

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Hitachi Ltd. (Tokyo) will shuffle leadership roles for its next fiscal year. Etsuhiko Shoyama, currently president, CEO and director, will have the titles of chairman, CEO and director as of April 1, 2006. Kazuo Furukawa, currently executive vice president and executive officer, as well as president and CEO of Hitachi's Information and Telecommunications Systems Group, will become Hitachi Ltd. president and chief operating officer (COO) on April 1, 2006.

Furukawa will be under pressure to increase profits for the diversified electronics and appliances maker. As APPLIANCE magazine reported last month, Hitachi posted a 39-percent decrease in operating income for the second quarter of fiscal 2005. It recorded operating income of 77.7 billion yen (approx. U.S. $667 million), 39-percent less than in the same period in 2004.

Hitachi's consolidated business results for the half-year includes revenues of 4,413.3 billion yen (approx. $37.9 billion), up 2 percent from 2004. Net loss for the period was 10.9 billion yen (approx. $93.5 million).

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