Matsushita to become a holding company and change president

Matsushita announced on November 13 the personnel arrangements for the promotion of Managing Executive Director Yuuki Kusumi (55) to president on June 24, 2021. Current president Kazuhiro Tsuga (64) will become chairman without representation. It was also decided that the company would be reorganized into a holding company in April 2022 and the name of the company would be changed to “Panasonic Holdings”. President Tsuruga pushes forward structural reforms such as withdrawing from loss-making businesses, but suffers from sluggish business performance. By changing the president and making the company a holding company, Matsushita aims to restructure its low-yielding businesses and return to growth as soon as possible.

Nanami will become chief executive officer (CEO) on April 1, 2021, and will take office as president after the June shareholders’ meeting. The current president, Chusaku Nagae, will become a special adviser. Tsuga became president in June 2012, after massive losses due to layoffs and other factors. His ninth year in office is the longest in 30 years since the third president, Toshihiko Yamashita.

As the new president, Kashimi has been involved in various aspects of Panasonic’s management, holding key positions in the company’s main business divisions, including batteries, white goods, TV and automotive. He has also played a leading role in TV-related structural reforms and the establishment of a joint venture with Toyota for in-vehicle batteries. Katsumi will take over as president at the age of 55, the same level as Tsuga, who was the youngest person to take over besides the founding family. An engineer by training, he is trusted by Tsutsuga, who has been in charge of audio and video equipment and automotive-related business.

Matsushita will become a holding company in April 2022, with eight business companies, including in-vehicle battery and electronic components. This will clarify responsibilities and authority and speed up decision-making. The current internal company structure includes five business companies, including the home appliance division, and two regional companies that will manage business in China and North America.

Kashimi’s rule

Graduated from Kyoto University Graduate School in 1989 and joined Matsushita Electric Industrial (now Panasonic). 2019 as Managing Executive Director. Born in Nara Prefecture.