Panasonic appoints Yuki Kusumo as CEO and begins its transition to a holding system

The Japanese company will be divided into operating companies, in which each will implement autonomous management based on clearly defined responsibility and authority, according to the corporate statement.

The recent celebration of the Board of Directors of Panasonic has resulted in the appointment of Yuki Kusumu as the new global CEO, along with the assignment of responsibilities of the new executive directors, which will be in force from 1 of April and 24 of 2021, respectively.

Yuki Kusumi will take over from Kazuhiro Tsuga, current CEO of Panasonic, who will continue to be linked to the Japanese company as a member of the Board of Directors, CEO and President. For your part, Shasaku Nagae, current director and president of the Board of Directors, will take on the responsibility of special corporate advisor to the multinational.

The new members of the Panasonic Board of Directors have been elected at the same meeting and will take up their duties on 24 June 2021. The changes will be made official at the Ordinary General Meeting of Shareholders, and in the later of the Board of Directors, which will be celebrated that same day.

Change in business strategy

Panasonic accumulates extensive experience in the electronics sector, with a very diversified activity, including consumer electronics, automotive and B2B services, inter alia.

In line with the strategy formulated in May 2019, The company has classified these three as core growth businesses.: Space solutions, Gemba Processes and Industrial Solutions.

The business environment surrounding Panasonic is experiencing increasingly severe changes year after year, that have been accentuated with the arrival of the COVID-19 pandemic.

In this current context of uncertainty, the company has decided to begin a transition towards a holding system, in order to continue improving the company's management from a medium to long-term perspective and guarantee growth.

In this transition, Panasonic will be divided into operating companies, each implementing autonomous management based on clearly defined responsibility and authority..

As a result, Each operating company will work to significantly improve its business competitiveness through rapid decision making, in response to changes in the external environment and to flexibly develop systems according to business characteristics.

Panasonic will continue to support the business growth of each of its companies and will define growth areas from the perspective of optimizing the company as a whole., thus striving to increase the corporate value of the company.