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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Hitachi replaces president AFP - Tuesday, March 17 TOKYO (AFP) - - Japanese high-tech giant Hitachi Ltd. said Monday that it was replacing its president and splitting off its consumer electronics and automotive systems businesses as it braces for a massive loss. ADVERTISEMENT Hitachi said the revamp would speed up decision making, boost efficiency and enable it to fuse its automotive and electronics technologies. It named Takashi Kawamura, 69, who currently heads two of its subsidiaries, as its new president, chief executive and chairman. "The world and Japanese economies are standing at a significant crossroad, and this unprecedented business environment will continue," Kawamura told a news conference. "No company can run away from the impact," he said. "My mission to revive Hitachi is not easy. We would like to meet our stakeholders' expectations by making swift decisions and taking swift action." Kawamura said he wanted to focus on the social infrastracture sector, particularly energy generation technologies. "We are going to put more emphasis on nuclear power than ever," he said. The group will hive off its auto systems business, which makes products including rechargeable lithium-ion batteries, and the consumer electronics arm, which includes flat-panel televisions, into separate companies in July. The two units, which are expected to suffer sizable losses in the year to March, will be wholly owned Hitachi subsidiaries. The global economic downturn has inflicted heavy damage on the electronics and engineering giant, which is cutting up to 7,000 jobs as it braces for a 700-billion-yen (7.1 billion dollars) loss in the year to March. Hitachi said Monday that it aimed to cut costs by 500 billion yen in the next financial year starting in April, warning that an increase in revenue was "unlikely for the foreseeable future" because of the global economic slowdown. Other Japanese electronics makers have also been badly hurt by recession in major markets including the United States, Europe and Japan, prompting a wave of job cuts from companies including Sony, Panasonic and Pioneer. Kawamura, the new head, is currently chairman of Hitachi Plant Technologies Ltd. and Hitachi Maxwell Ltd. Hitachi said its current president and CEO, Kazuo Furukawa, would become a vice chairman, while chairman Etsuhiko Shoyama would become a director. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business GE shares back above $10Reuters - 1 hour 11 minutes ago US STOCKS-Bank optimism powers Dow and S&P 500 but tech offReuters - 1 hour 20 minutes ago Feds to go after Bernard and Ruth Madoff assetsReuters - 1 hour 24 minutes ago Swaraj Mazda board to mull rights issue March 19Reuters - 1 hour 41 minutes ago Agrium takes CF Industries offer to shareholdersAP - 1 hour 44 minutes ago Enlarge Photo Hitachi replaces president Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed Arrest warrant issued for Lindsay Lohan Twin boys for Charlie Sheen and wife Bailed-out AIG plans bonuses worth millions: report For sale: nagging wife, very high maintenance World Bank warns of "very dangerous" year ahead View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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