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Sain joined Panasonic in 2019 as CEO of Panasonic Avionics.
“Ken is an exceptional leader with extensive global experience
and a deep understanding of business and technology,” Higuchi
said in a statement.
Panasonic Holdings Corp.’s April-June profit totaled 71.46
billion yen ($483 million), up from 70.6 billion yen. Its
quarterly sales declined 10.6% from last year to 1.9 trillion
yen ($12.8 billion).
The Osaka-based maker of home appliances, solar panels and
batteries for Tesla vehicles kept its full year profit forecast
unchanged at 310 billion yen ($2.1 billion), down 15% from the
previous year.
Panasonic said the impact from U.S. President Donald Trump’s
tariffs was not yet fully factored in. The company said it will
try to minimize the effect on its operating profit with cost
cuts and other measures.
Consumer electronics sales were strong in Japan, Panasonic said,
while they were also healthy in China, supported by subsidies.
On the positive side, it said demand for AI servers and
air-conditioners was expected to grow. But concerns remain about
slowing demand for electric vehicles because of U.S. tariffs and
the ending of tax credits.
Panasonic also said it’s planning to get rolling later this year
its new lithium-ion battery factory in Kansas, whose start has
been delayed.
Panasonic said in May that it was slashing its global workforce
by 10,000 people, half in Japan and half overseas, to become
“lean.” The job cuts amount to about 4% of its workforce.
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