09-05-2025
Panasonic Holdings to cut about 10,000 jobs
Japanese electronics giant Panasonic Holdings plans to shed about 10,000 jobs, or about 5 percent of its global workforce. The move is part of a drastic overhaul focusing on unprofitable businesses.
Officials say about 5,000 jobs will be slashed both domestically and overseas this fiscal year through measures such as an early retirement program. The cuts will mainly be in sales and administration.
Panasonic aims to put more resources into AI-based services for corporate customers.
The firm is considering selling its TV business and breaking up a unit that specializes in home appliances, air conditioners and lighting.
Speaking on Friday, CEO Kusumi Yuki said he wants to improve profits by more than a billion dollars through fiscal 2026.
Kusumi said he wants to make the company "leaner, more efficient and more resilient" to the rapidly changing business environment.
And he said he will give up about 40 percent of his annual compensation this fiscal year.
Panasonic also announced its earnings forecast for the current fiscal year. Sales are expected to fall by more than 7 percent to about 53.7 billion dollars. Net profit will fall over 15 percent to 2.1 billion dollars.
Officials say the figures do not take into account the potential impact of sweeping tariffs imposed by US President Donald Trump.
