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Sanyo has new president, targets more spin-offs

Posted: 03 Apr 2007 ?? ?Print Version ?Bookmark and Share

Keywords:Sanyo semiconductor operations? Sanyo spin-offs? Sanyo restructuring plans?

Sanyo Electric Co. Ltd has appointed a new president, a move that is expected to accelerate the unbundling of business units such as digital cameras and mobile phones following the expected sale of its semiconductors operations.

Starting April 2, Seiichiro Sano, will take the post of president of Sanyo Electric. Sano's previously served as VP and general manager for general affairs and human resources.

Years of struggle
Former president, Toshimasa Iue, will remain as a director of Sanyo's board until the stock holders' meeting in June. Iue's resignation ends the hereditary management of Sanyo by the Iue family, which founded the company in 1947. Iue cited stockholder discord as the major reason for his resignation. "There should be a third or fourth solution, and I proposed it. But such a solution takes time and I could not win the stakeholders' confidence," Iue acknowledged.

Sanyo has struggled through two straight annual losses. The recently-concluded fiscal year (ended March 31) is also forecasted to finish in the red. Vocal major stockholders have been calling for management changes.

Iue crafted a restructuring plan called the Sanyo Evolution Project in 2005, which sought to refocus Sanyo on energy and green businesses. Under the restructuring plan, Sanyo has outsourced its TV and home appliance businesses. It now plans to invite bids for its chip business. Stockholders are now demanding further unbundling of businesses such as mobile phones and digital cameras.

- Yoshiko Hara
EE Times

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