Panasonic stays in TV business, chairman resigning

AP News
Posted: Mar 28, 2013 6:35 AM

TOKYO (AP) — Panasonic Corp.'s president says the company will get out of unprofitable businesses but stopped short of ditching the Japanese manufacturer's money-losing TV operations, as had been widely speculated.

Company president Kazuhiro Tsuga promised Thursday to improve profitability over the next two years while announcing a midterm business plan and strategy for the fiscal year that begins next month.

Panasonic said Fumio Ohtsubo will step down as chairman in June ahead of schedule to take responsibility for the recent struggling results.

Osaka-based Panasonic is expecting to rack up a 765 billion yen ($8.1 billion) annual loss for the fiscal year ending this month.

That's close to the record red ink it marked for the previous fiscal year at 772 billion yen — among the biggest in Japan Inc. history.