Hitachi Ltd. announced Thursday that Executive Vice President Etsuhiko Shoyama will become president April 1, and Hiroshi Kuwahara, also an executive vice president, will take a newly created post of vice chairman in late June.
Under the new management, Hitachi aims to jump-start large-scale structural reforms slated to begin in April, the company said.
The electronics giant said the post of vice chairman is being created as part of its structural changes. Kuwahara will assume it following approval at a shareholders’ meeting in June.
On April 1, President Tsutomu Kanai will become chairman, and Chairman Katsushige Mita will become honorary chairman. Hitachi expects to post its largest-ever losses for this fiscal year, with net losses of 250 billion yen on a consolidated basis.
The firm is preparing to reorganize itself into 10 in-house companies starting April 1, shifting greater power to lower sections to survive intensifying competition.
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