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Bloomberg
15-05-2025
- Business
- Bloomberg
Japan Display CEO Resigns, Unveils Job Cuts After Losses Balloon
Japan Display Inc.'s CEO is stepping down and the company is slashing around half its headcount after it posted fresh losses that extended a seven-year streak. Scott Callum said Jun Akema, an executive in charge of procurement, would replace him as CEO and he'd stay on the board as chairman. The Tokyo-based company is seeking around 1,500 volunteers for early retirement in Japan, a little more than half of its 2,639 workers in the country, Callum said at a news conference. It wants to make similar cuts to its 1,500-strong overseas workforce.
15-05-2025
- Business
Struggling JDI to Cut 1,500 Jobs in Japan
Tokyo, May 15 (Jiji Press)--Japan Display Inc., or JDI, said Thursday that it will cut about 1,500 jobs in Japan, or nearly 60 pct of its domestic workforce, as it has remained in the red for the 11th consecutive year. The same day, the struggling maker of small and midsize liquid crystal display panels reported a consolidated net loss of 78.2 billion yen for fiscal 2024, larger than the previous year's loss of 44.3 billion yen. CEO Scott Callon will step down on June 1 to take responsibility for the company's poor performance. Upon approval at a general shareholders meeting on June 21, he will support his successor as non-executive chairman, without receiving compensation. JDI will solicit voluntary redundancies from June 26 to Aug. 25, including those related to the planned end of LCD panel production at its Mobara plant in Chiba Prefecture, east of Tokyo, by around next March. It also plans to cut jobs overseas. In the year ended this March, the company's sales fell 21.4 pct from the previous year to 188 billion yen, and its operating loss widened to 37.0 billion yen from 34.1 billion yen. [Copyright The Jiji Press, Ltd.]
