Seiichiro Sano
Profile
Performance in office
Tenure
Tenure
Background
He joined Sanyo Electric in April 1977. He became Executive Officer and head of General Affairs and Human Resources in April 2005 and President and Executive Officer in April 2007. He came from the administrative side, handling general affairs and personnel rather than a business division, and took 28 years from joining to become an Executive Officer. After stepping down as President he moved to Panasonic as Senior Managing Executive Officer in April 2011.
Selection
In June 2007 he succeeded Toshimasa Iue as Representative Director and President. The change came two years after his predecessor took office, shortly after the March 2006 third-party allotment of convertible preferred shares totaling ¥300.0 billion, underwritten by Daiwa Securities SMBC Principal Investments, Oceans Holdings and Sumitomo Mitsui Banking Corporation. In the fiscal year ended March 2007, the year before he took office, consolidated operating income had recovered to ¥49.6 billion, but the company posted a net loss of ¥45.3 billion. Under a setup that put a President from outside the founding family in place, the three financial firms that underwrote the capital increase appear to have come to influence appointments as well.
Initiatives
In April 2008 he sold the mobile phone business to Kyocera. In December 2009 Panasonic's tender offer succeeded and Sanyo became its consolidated subsidiary; it was delisted in March 2011 and made a wholly owned subsidiary the following April. Sano's judgment on unifying the brand was that while there was sadness in the disappearance of the SANYO brand after 60 years, unification would maximize the group's profits. Within his four years in office, Sanyo Electric as an independent listed company came to an end.
Career
Career
Sanyo Electric
| Date | Position |
|---|---|
| Apr 1977 | Joined |
| Apr 2005 | Executive Officer, General Manager, General Affairs and Human Resources Headquarters |
| Apr 2007 | President, Executive Officer |
| Jun 2007 | Representative Director, President |
Panasonic Holdings
| Date | Position |
|---|---|
| Apr 2011 | Senior Managing Officer |
References 1
References (Japanese primary sources)
- 三洋電機 有価証券報告書【役員の状況】