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Japanese electronics makers CFO quits Over revival plan
 
Japanese electronics makers CFO quits Over revival plan
The CFO of struggling Japanese Electronics maker Sanyo Electric has quit because he was at odds with the president and chief executive over how to rebuild the firm. Sanyo said Yoichiro Furuse has resigned because of different views over mangement policies". Furuse has been working with Sanyo President Toshimasa , Iue and CEO Tomoyo Nonaka on a plan to rebuild the Sanyo as sluggish demand for its core products pushed it deep into the red. In July ,Japans third-largest consumer electronics maker unveiled a 3- year restructuring plan under which it vowed to cut 14,000 jobs,or about 15% of its global workforce ,shuts plants and halves its Y1.2 trillion debt. But its earnings have worsened and last month Sanyo announced it would accelerate those job cuts and exit The DVD player business. Whilst Sanyo did not comment on details ,a company source said Furuse had wanted to take bolder steps such as completely pulling out of unprofitable businesses while Nonaka and Iue were keen on downsizing but keeping the companys business structure intact. Sanyo said Furuses resignation would be effective immendiately ,leaving the CFO post vacant for the time being.
Posted On : 10/10/2005 6:30:36 PM

 
 
 
Japanese electronics makers CFO quits Over revival plan