OSAKA (Kyodo) Sanyo Electric Co. said Wednesday that Vice President Seiichiro Sano will replace President Toshimasa Iue on Monday, putting an end to the founding family's involvement in top management.
The reshuffle, approved by Sanyo's board and formally announced later in the day, marks the first time the Osaka-based electronics company, suffering from poor earnings and an accounting scandal, will not have a member of the founding family in either the chairman's or president's position since it was founded in 1947.
Iue held a news conference in the evening to formally announce his resignation, also effective Monday.