Panasonic won’t exit TV business, Chairman to step down in June

Contrary to the previous report, Panasonic will continue making TVs despite incurring losses. Company president Kazuhiro Tsuga said exiting the TV business will be the “final resort” but has promised to improve profitability over the next couple of years with a new strategy that will go in action from next month.

Meanwhile, Panasonic’s chairman Fumio Ohtsubo will resign from his post in June and will take responsibility of the dismal results of the company.

Panasonic expects a 765 billion yen loss for the current fiscal year and is almost the same as it reported in the previous fiscal year.

[Via Economic Times]

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