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Panasonic to replace president and chairman

Japan’s Panasonic Corporation says its president and chairman will step down to take responsibility for the company’s record annual loss.

Panasonic’s board of directors decided on Tuesday that President Fumio Ohtsubo will become chairman and Chairman Kunio Nakamura an advisor after a general shareholders meeting this June. Ohtsubo is to be replaced by senior managing director Kazuhiro Tsuga.

Ohtsubo and Nakamura reorganized the Panasonic Group by purchasing Sanyo Electric and taking over Panasonic Electric Works.

But Panasonic is expected to post a loss of 9.7 billion dollars for the business year ending March 31st due to poor sales of its core TV sets.