Panasonic 2012 Annual Report Download - page 11

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To Our
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Panasonic Annual Report 2012 Search Contents Return Next
page 10
such business conditions, the Group’s
performance resulted in a sharp deterioration
especially in unprofitable businesses such as
TVs and semiconductors. As a result of the
aforementioned factors and implementation of
large-scale business restructuring initiatives
including fixed cost reductions, Panasonic
recorded its biggest ever net loss. We deeply
feel responsible and regret the anxiety caused
to all stakeholders, but would like to assure all
concerned that these measures have
established the foundation for a Green
Innovation Company.
At the conclusion of the Company’s
Ordinary General Meeting of Shareholders held
in June 2012, Fumio Ohtsubo was appointed
as Chairman and Kazuhiro Tsuga as President.
Under this stewardship and a new organization,
every possible effort will be made to bring
about a swift performance recovery and the
realization of our aforementioned visions.
As we work toward achieving our
established goals, we kindly request the
continued support and understanding of all
stakeholders.
The Panasonic Group has adopted and
continues to focus on the overarching vision of
becoming the No. 1 Green Innovation Company
in the Electronics Industry, up to the 100th
anniversary of its founding in 2018. In fiscal
2011, we launched Green Transformation 2012
(GT12), our three-year midterm management
plan, as a first step toward realizing the vision.
In fiscal 2012, the second year of GT12,
we worked diligently to transform each
business on the basis of three paradigm shift
themes. In specific terms this entailed the
shift from existing businesses to such new
businesses as the environment and energy,
from Japan-oriented to globally-oriented, and
from individual product-oriented to solutions
and systems business-oriented. At the same
time, we restructured the Group’s organization
as a whole including Panasonic Electric Works
Co., Ltd. (PEW) and SANYO Electric Co., Ltd.
(SANYO), which had become wholly owned
subsidiaries.
From a results perspective, business
conditions for fiscal 2012 were extremely harsh
with a variety of factors including the sluggish
demand mainly for digital AV products, historical
high yen, and the flooding in Thailand. Under
To Our Stakeholders
Fumio Ohtsubo, Chairman (Left) Kazuhiro Tsuga, President (Right)
August 2012