TOKYO – Panasonic, a prominent name in electronics and technology, has announced a leadership change at one of its group companies. This change follows a modest increase in the company’s first-quarter profit by 1.2%. Kenneth William Sain, previously of Boeing, is set to take over as the president and chief executive of Panasonic Connect in April 2026, succeeding Yasuyuki Higuchi. Panasonic Connect provides a wide range of solutions and products targeted at supply chains, public services, infrastructure, and the entertainment industry.
Sain, who joined Panasonic in 2019 as the CEO of Panasonic Avionics, was praised for his leadership qualities. “Ken is an exceptional leader with extensive global experience and a deep understanding of business and technology,” stated Higuchi.
Panasonic Holdings Corp. reported profits of 71.46 billion yen ($483 million) for April through June, slightly up from the previous year’s 70.6 billion yen. However, the company’s quarterly sales saw a decline of 10.6%, dropping to 1.9 trillion yen ($12.8 billion). Despite these numbers, Panasonic maintained its annual profit projection at 310 billion yen ($2.1 billion), reflecting a 15% decrease compared to the previous year.
Notably, Panasonic acknowledged that the impact of tariffs imposed by U.S. President Donald Trump had not been fully accounted for in their projections. The company aims to mitigate potential financial impacts through cost reductions and other strategic measures.
In Japan, consumer electronics sales showed impressive strength, with similar performances in China, buoyed by government subsidies. On the upside, Panasonic forecasts a growing demand for artificial intelligence (AI) servers and air-conditioning systems. However, the company remains cautious about decreasing demand in the electric vehicle sector, attributed to U.S. tariffs and the discontinuation of relevant tax incentives.
Panasonic also shared progress on its new lithium-ion battery plant in Kansas, which is expected to be fully operational later this year after a postponed start. Additionally, in a significant move towards operational efficiency, Panasonic revealed plans in May to cut its global workforce by 10,000 jobs, split evenly between Japan and international locations, accounting for approximately 4% of its overall workforce.