Pioneer forecasts deeper full-year loss, replaces president
Due to plummeting sales in the home and automobile electronics markets, Japan's Pioneer Corporation announced it expects yearly losses to be four times greater than previously estimated. Overall sales in the third quarter of 2008 were down 13% compared to last year. Revenue from Pioneer's Home Electronics Divison fell 30% in the third quarter, with the Automotive Electronics and Business units also seeing large drops in operating profits. The only area to see increased sales was in car navigation systems. The company's poor performance resulted in the the removal of President Tamihiko Sudo by the company's Board of Directors. Sudo was replaced by Susumu Kotani, who is currently managing director at the company. Kotani expects further job losses as the company begins restructuring.
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