There are no active ads.

Advertisement

Panasonic Plans to Cut 10,000 Jobs in Attempt to Return to Profitable

by Todd Haselton | November 14, 2012November 14, 2012 10:30 am PDT

Panasonic’s chief finance officer Hideaki Kawai said Wednesday that the firm plans to cut 10,000 jobs in an effort to return the company to profitability. Panasonic also cut 36,000 jobs last year. “Our new boss has said businesses must achieve at least a 5% operating profit within three years,” Kawai explained in a statement to Reuters. “But we won’t wait that long to tackle units that need to be dealt with.” Kawai was speaking about the company’s new CEO, Kazuhiro Tsuga, who took on his role as the head of Panasonic this summer.

Panasonic is also planning to get rid of 110 billion yen worth of assets, Reuters said, which includes buildings and land the company currently owns in Japan. Tsuga will announce his official restructuring plan moving forward by the end of March.

[via Reuters]


Todd Haselton

Todd Haselton has been writing professionally since 2006 during his undergraduate days at Lehigh University. He started out as an intern with...

Advertisement

Advertisement

Advertisement