Managing director of Panasonic Romania resigns

Catalin Savulescu has resigned on Friday as managing director of Panasonic Romania after more than 11 years with the local subsidiary of the Nippon electronics manufacturer.

“The reasons are confidential, but are not linked to the current economic crisis. It is a personal decision I had been considering for a long time before I took this major step”, Savulescu told Wall-Street.

He added that by the end of August he would take a break, following to decide on his future career path he would pursue.

Savulescu added that his decision was not linked to the fact that Panasonic published its quarterly results. In the first fiscal quarter, the electronics manufacturer posted losses of around 560 million dollars for its global operations.

According to the financial report, the company recorded sales of 1,595.5 bln yens (around 11.82 bn euro), down 26% from 2,152 bn yens (15.94 bn euro) year-ago quarter.

“My resignation is not linked to Panasonic Corp’s poor performance in first fiscal quarter, because the Romanian market is not that important to Panasonic”, said Savulescu.

Contacted by Wall-Street, representatives of Panasonic Romania didn’t offer any information on the person to fill the post.

In 2007, Panasonic Romania posted a turnover of 48.6 million euros and losses of nearly 150,000 euros.

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