NEC reports massive losses

NEC reports massive losses

NEC is facing record losses for the current financial year, ending on March 31, and is having to come to terms with the consequent resignation of current chairman Hisashi Kaneko.

Blaming a Japanese recession and the poor performance of subsidiaries Packard Bell NEC and NEC Home Electronics, NEC are anticipating a deficit well beyond the original figure of Y35 billion, with some expectations from NEC as high as Y150 billion. To compound the problem, NEC's traditionally strong semiconductor sector was hit hard by falling prices.

Experiencing the largest loss in the company's hundred-year history, NEC executives are in recovery mode with plans for new management and a company restructure, including revamping its financial systems and the appointment of two new executives. Hajime Sasaki, previously vice president and head of semiconductor business, will take on the mantle of chairman and Koji Nishigaki will move from head of NEC's system integration business to president.

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