Source Tells Reuters That Toshimasa Iue's Resignation Will Be Finalized Tomorrow
Toshimasa Iue, the President of Sanyo Electric Co. Ltd., has reportedly made plans to resign from the position and will be replaced at a board meeting tomorrow by current Vice President Seiichiro Sano, Reuters reports.
The news comes on the heels of the resignation of Sanyo's chairwoman Tomoyo Nonaka, last week. Nonaka was hand-picked by the Iue to lead the struggling company's board.
Iue, who is a member founding family of Sanyo, will reportedly remain as a director, but his father, Satoshi Iue, a former president and chairman of the electronics giant who currently sits as an adviser to the company, will resign from the company completely.
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