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]