The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Business Wire

Panasonic Announces to Reform the Head Office and Governance

Friday, August 03, 2012

Panasonic Announces to Reform the Head Office and Governance03:23 EDT Friday, August 03, 2012 OSAKA, Japan (Business Wire) -- Panasonic Corporation (NYSE:PC)(TOKYO:6752)("Panasonic") today announced to reform the head office and governance of the Company as of October 1, 2012, in order to reduce internally-focused work throughout of the Company and focus on meeting customer needs. Framework for the reform 1)   Establish a Corporate Strategy Head Office and a Professional Business Support Sector The Company will establish a Corporate Strategy Head Office with approx. 150 people, and strengthen the functions such as "formulating Group midterm strategy and allocating management resources," "promoting cash flow management (focused on capital)," and "developing executive candidates." Also, functions other than the above will be realigned as part of a Professional Business Support Sector. Furthermore, the Company will regroup some of the related divisions into single divisions and simplify organizations.   2)   Transfer the themes and review the mission of the Corporate R&D division The Company will transfer the themes and personnel in the Corporate R&D division that support continued growth in existing business fields to relevant business domains, and the Company will strengthen its ability to create midterm businesses on the frontlines. Also, the following two items will be defined as a new mission of the Corporate R&D division: (1) Carry out R&D and create new businesses in growth areas with a view to long-term contribution to Panasonic. (2) Develop technology that is uniform across the entire company, and provide companywide technology governance as well as giving support.   In this way, the Company will strengthen activities that are seeking and proposing new businesses, as well as activities that are nurturing businesses and starting up new businesses, and the development of human resources.   3)   Review the Group decision-making structure   In order to have discussions from many angles regarding the Group mid- and long-term strategy and other important matters, and to set its direction in an appropriate and speedy manner, the Company will establish a "Group Management Team" consisting of approx. 10 executives. Also, to have a meeting where this team can hold discussions and set the direction the Company should take, the Company will integrate the purposes of the "Group Managing Directors Meeting," the "Corporate R&D Strategic Meeting," and others, and establish the "Group Strategy Meeting." As a meeting for making decisions regarding important matters of the Group, the Company will establish a "Group Executive Committee for Deliberating Important Matters," by integrating the purposes of the "Group Management Committee (GMC)," the "Approval Meeting." Positioned as a meeting where discussions will be made prior to the Board of Directors Meeting, this committee will play a role in complementing and strengthening the decision-making function.   Panasonic today informed the Labor Union regarding the above 1) and 2). Panasonic CorporationMedia Contacts:Atsushi Hinoki, +81-3-6403-3040 (Japan)Global Public Relations OfficeorPanasonic News Bureau (Japan)Tel: +81-3-3542-6205orInvestor Relations Contacts:Haruhiko Sezaki, +81-6-6908-1121 (Japan)Investor RelationsorPanasonic Finance (America), Inc.Yuko Iwatsu, +1-212-698-1360 (U.S.)orPanasonic Finance (Europe) plcHiroko Carvell, +44-20-3008-6887 (Europe)