Sanyo Electric Co., Ltd.'s board today removed President Toshimasa Iue as president and named Vice President General Manager of General Affairs/Human Resources Seiichiro Sano (pictured) to be the new president. The moves will be effective April 2. Iue remains a member of the Sanyo board of directors.
The financially troubled electronics and appliances OEM lost board Chairperson Tomoyo Nonaka 10 days ago. Nonaka was widely regarded as one of the most powerful of the very few top female corporate executives in Japan. She became chairman of the Sanyo (Tokyo) board of directors in June 2005.
Sanyo reported that Nonaka was resigning for "personal reasons." However, prior to the resignation, the Nikkei business news outlet said she would resign after the board rejected her plan for an internal probe of accounting irregularities.
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