Panasonic to Have No Board Member from Founding Family

Economy Society

Osaka, March 1 (Jiji Press)--Panasonic Corp. <6752> has said that Masayuki Matsushita, vice chairman and board director of the major Japanese electronics maker, will retire on June 27.

It will be the first time for the company to have no board member from the family.

Matsushita, 73, offered to resign around when the firm marked the 100th anniversary of its founding in March last year, according to Panasonic officials.

Matsushita, a grandson of Konosuke Matsushita, the late founder of Panasonic, has been serving on its board since 1986. Following the retirement, he will assume the unpaid part-time post of special corporate adviser.

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