OSAKA (Kyodo) Sanyo Electric Co. will relieve eight of its 14 advisers and counselors of their posts Friday to cut personnel costs and demonstrate its resolve to return to profitability, Sanyo officials said Tuesday.
But Satoshi Iue, a descendant of Sanyo’s founding family who gave up the post of representative director in February to take the blame for the electrical appliance maker’s poor performance, will stay on as a senior corporate adviser, as will former Philippines President Corazon Aquino, they said.
The departing eight became advisers after serving in such posts as vice president or board director.
In addition to the eight, two other advisers serving on a part-time basis — Sadao Kondo and Yukinori Kuwano — will give up their posts, the officials said.
But the officials declined to reveal by how much the departure of the 10 executives will cut personnel costs.
For the business year that ends Friday, Sanyo Electric is expected to report a record-high group net loss of 233 billion yen, breaking the previous record-high loss of 171.5 billion yen in the 2004 business year.