Hitachi announces new president and restructure

Hitachi is to split its automotive systems and consumer electronics operations and has named a new president as it prepares to report a multi-billion pound loss.

The hi-tech company says Takashi Kawamura, currently chairman of Hitachi Plant Technologies will become president and chairman of the company in April while current president Kazuo Furukawa is to become vice chairman.

The Japanese firm says the two units will split in July with the aim of reducing costs by about 500bn yen (£3.6bn) as the company tackles the global economic downturn and drop in demand for its products.

The cost-cutting drive follows the thousands of job cuts Hitachi announced in January as it braces itself to report a 700bn yen (£5bn) loss for the year ended March 31.

The plans came as its Hitachi Europe consumer electronics brand launched a pan-European campaign focusing on its green credentials.

The CDP-created television activity highlighted how Hitachi products are used in consumers’ everyday lives and in their homes and focuses on its environmental work.

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