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Sanyo's former presidents resign from board

First-half losses to blame

Two former presidents of Sanyo have resigned from the company's board of directors, the Osaka-based company said today.

Sadao Kondo, who was president from June 1998 to October 2000, and Yukinori Kuwano, who was president from November 2000 to June 2005, have stepped down. They were respectively vice chairman and corporate senior advisor.

Sanyo is currently undergoing a major restructuring under the leadership of Chairman Tomoyo Nonaka to battle widening losses in several of its business areas. The restructuring plan calls for its worldwide workforce of 96,000 people to be cut by 15 percent, or 14,400 people, over three years and for the company to sell 20 percent of the 2 million square metres of land its factories occupy in Japan.

The plan was announced in July this year.

Earlier this month the company disclosed first half results and said losses for the six months from April to September totaled ¥142.5 billion (£695m) against a net profit of ¥3.4 billion (£16.6m) in the same period a year ago. It had been predicting a full year net loss of ¥140 billion (£683m) but revised this to ¥233 billion (£1.1 billion) in the light of the poor first half.

Revenue during the first half fell 6 percent to ¥1.2 trillion (£5.8 billion), it said. For the full year it expects revenue of ¥2.4 trillion (£11.7 billion), down slightly compared to last year.

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