A New Style of Leadership at Panasonic

In a presentation beamed to Panasonic offices around the world last week, Kazuhiro Tsuga, the company’s president, stunned middle managers with the blunt message that their bonuses would be cut more than a third.

A couple of hours later, he warned investors in Tokyo that Panasonic would lose nearly ¥765 billion, or $9.6 billion, in the business year ending next March as it wrote down assets and restructured. That would raise cumulative losses at the 94-year-old company to nearly $25 billion in five years. Mr. Tsuga branded Panasonic, the maker of Viera

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