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 holding of the Board of Directors of Panasonic has resulted in the appointment of Yuki Kusumu as the new global CEO, together with the assignment of responsibilities of the new Executive Directors, which shall be in force from 1 of April and the 24 of 2021, respectively.

Yuki Kusumi will pick up the baton from Kazuhiro Tsuga, current CEO of Panasonic, who will remain linked to the Japanese company as a member of the Board of Directors, Chief Executive Officer and President. For its part, Shasaku Nagae, current director and chairman of the Board of Directors, will become a special corporate advisor to the multinational.

The new members of Panasonic's Board of Directors have been elected at the same meeting and will assume their duties on 24 June 2021. Changes will be made official at the Ordinary General Meeting of Shareholders, and in the subsequent one of the Board of Directors, to be held on the same day.

Change in business strategy

Panasonic has extensive experience in the electronics sector, with a very diversified activity, including consumer electronics, automotive and B2B services, among others.

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 undergoing 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 start a transition to a holding system, in order to continue improving the management of the company from a medium to long-term perspective and ensure growth.

In this transition, Panasonic will be divided into operating companies where each of them implements 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 define the areas of growth from the perspective of optimizing the company as a whole., thus striving to increase the corporate value of the company.

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