Panasonic Corp <6752.T> said on Tuesday it would replace its president after the Japanese electronics maker earlier this month forecast a record loss, hammered by restructuring charges and its ailing TV business.
The Osaka-based company said in a statement that Fumio Ohtsubo would step down, to be replaced by Senior Managing Director Kazuhiro Tsuga. Ohtsubo will become chairman.
In Japan, it's common practice for the president to take the chairman's role after stepping down
The company said it will hold a news conference at 6 p.m. (0900 GMT).
Ohtsubo apologized when Panasonic forecast a 780 billion yen ($9.8 billion) net loss for the year ending March 31, saying: I feel the responsibility for the huge amount.
The management change follows that of rival Sony Corp <6758.T>, which has also been hit by its TV business, underscoring the struggle of Japanese consumer electronics makers to compete with foreign rivals such as South Korea's Samsung Electronics <005930.KS>.
($1 = 80.4600 Japanese yen)
(Reporting by Mayumi Negishi and Chris Gallagher)