Panasonic Appoints New CEO Amid Declining Revenues

• Kent Sain will become the new CEO of Panasonic Connect in 2026.
• Panasonic's revenue increased by 1.2% in the first quarter.
• The company plans to cut 10,000 jobs to optimize spending.

Tokyo — The Japanese electronics and technology company Panasonic announced the appointment of a new general director following a previously reported revenue increase of 1.2% in the first quarter. Kent William Sain, former CEO of Boeing, will take over as president and general director of Panasonic Connect in April 2026.

Sain joined Panasonic in 2019 as the general director of Panasonic Avionics. In a statement, Higuya Higuichi, who remains in position, noted that "Ken is an exceptional leader with extensive international experience and deep business and technology understanding."

According to Panasonic Holdings Corp., the company's revenue for the January-March period amounted to 71.46 billion yen ($483 million), which is slightly higher than the 70.6 billion yen reported for the previous year. However, total sales fell by 10.6% to 1.9 trillion yen ($12.8 billion).

The company has maintained its forecast for annual revenue at the level of 310 billion yen ($2.1 billion), which is 15% less than in the previous year. Panasonic noted that the impact of tariffs imposed by the Donald Trump administration had not been fully accounted for. To minimize the impact on operational revenue, the company plans to cut spending.

Sales of consumer electronics remain strong in Japan and stable in China despite disruptions. Panasonic also anticipates an increase in demand for server-based artificial intelligence and conditioners. However, there are concerns regarding the decrease in demand for electric vehicles due to tariffs in the United States and the end of tax credits.

The company also plans to launch a new factory for the production of lithium-ion batteries in Kansas, the start of which has been delayed. In April, Panasonic announced a reduction in its global workforce by 10,000 people, which accounts for nearly 4% of the total workforce.

Tags: Technology