Pioneer plasma TVs: small sales, big losses
Disappointing results force management reshuffle at plasma tv maker
The world and his well-heeled dog maybe clamouring for flat panel TVs and DVD recorders this Christmas, but that hasn’t stopped Pioneer from posting big losses and announcing the ‘reassignment’ of its top two executives.
Both Kanya Matsumoto (chairman and representative director) and Dr. Kaneo Ito (president and representative director) will assume director and advisor postings respectively from 1 January 2006, leaving Mr Tamihiko Sudho (currently vice president and representative director) to take the top spot.
Pioneer said in a statement issued today: “this change in management is an indication of their assuming responsibility for the steep decline in Pioneer’s financial performance due to the smaller-than-planned number of units sold of plasma displays and DVD recorders, both strategic products.”
Pioneer posted a ¥7bn net loss for the quarter up to the end of September, and expects a ¥24bn loss for the full financial year.
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