Sanyo to lose some board control to investors

Struggling Japanese electronics maker Sanyo will give up some management control to a group of outside investors under a plan unveiled late Wednesday.

Struggling Japanese electronics maker Sanyo Electric will give up some management control to a group of outside investors under a plan unveiled late Wednesday.

The company, which is expecting to record a loss of YEN 233 billion (AU$2.66 billion) in the current financial year, had last month announced it will raise YEN 300 billion through the issuance of new shares to a group of three investors. On Wednesday it further detailed the plan, which will see 5 of its 9 board seats occupied by people appointed by the investors.

The three companies pumping money into Sanyo are Daiwa Securities SMBC Principal Investments Co., Goldman Sachs Group and Sumitomo Mitsui Banking.

As part of the shake-up Satoshi Iue, currently an executive director of the company and son of Sanyo-founder Toshio Iue, will step down from the board along with four other directors.

Sanyo will also retire the western-style management titles of CEO (chief executive officer), COO (chief operating officer) and CFO (chief financial officer) and so Tomoyo Nonaka, the woman appointed last year to lead Sanyo's restructuring and revitalization, will lose her CEO title but remain chairman of the company.

All of the appointments are subject to shareholder approval at an extraordinary shareholders' meeting scheduled for Feb. 24.

Sanyo plans to announce its financial results for the last three months of 2005 on Tuesday.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Martyn Williams

IDG News Service
Show Comments

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Tom Pope

Dynabook Portégé X30L-G

Ultimately this laptop has achieved everything I would hope for in a laptop for work, while fitting that into a form factor and weight that is remarkable.

Tom Sellers

MSI P65

This smart laptop was enjoyable to use and great to work on – creating content was super simple.

Lolita Wang

MSI GT76

It really doesn’t get more “gaming laptop” than this.

Jack Jeffries

MSI GS75

As the Maserati or BMW of laptops, it would fit perfectly in the hands of a professional needing firepower under the hood, sophistication and class on the surface, and gaming prowess (sports mode if you will) in between.

Taylor Carr

MSI PS63

The MSI PS63 is an amazing laptop and I would definitely consider buying one in the future.

Christopher Low

Brother RJ-4230B

This small mobile printer is exactly what I need for invoicing and other jobs such as sending fellow tradesman details or step-by-step instructions that I can easily print off from my phone or the Web.

Featured Content

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?