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!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection
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

Cool Tech

SanDisk MicroSDXC™ for Nintendo® Switch™

Learn more >

Breitling Superocean Heritage Chronographe 44

Learn more >

Toys for Boys

Family Friendly

Panasonic 4K UHD Blu-Ray Player and Full HD Recorder with Netflix - UBT1GL-K

Learn more >

Stocking Stuffer

Razer DeathAdder Expert Ergonomic Gaming Mouse

Learn more >

Christmas Gift Guide

Click for more ›

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Walid Mikhael

Brother QL-820NWB Professional Label Printer

It’s easy to set up, it’s compact and quiet when printing and to top if off, the print quality is excellent. This is hands down the best printer I’ve used for printing labels.

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?