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Sanyo CFO Quits Over Disagreement

The chief financial officer of Japanese electronics manufacturer Sanyo Electric Co. Ltd. quit because of a conflict with the president and chief executive on ways to restructure the firm, rumors spreading seem to suggest. Sanyo officially said that Yoichiro Furuse tendered in his resignation due to "differing views over management policies."

63-year-old Furuse had been working with Sanyo President Toshimasa Iue and Chief Executive Tomoyo Nonaka on a plan to restore the company after earthquake destruction to a chip factory and sluggish demand for core products. Sanyo Japan`s third-largest consumer electronics manufacturer has already revealed a 3-year restructuring plan in July. The plan involves shedding 14,000 jobs or about 15 percent of its global workforce, close plants and halve its 1.2 trillion yen or ?10.5 billion debt.

Furuse wanted to take some courageous measures like totally pulling out of unprofitable businesses. But Nonaka and Iue agreed to downsize while at the same time profess that they do not wish to change the company`s fundamental structure significantly.