Panasonic appoints company veteran Kusumi as CEO, replacing Tsuga

Japan's Panasonic Corp has appointed its head of automotive business Yuki Kusumi as the company's next chief executive officer, replacing Kazuhiro Tsuga, who was the architect of a partnership with Tesla Inc.

The 55-year-old will take the reins on April 1, Panasonic said on Friday, after a three-decade career at the company which has seen Kusumi lead the automotive component business and the TV operations, much like his predecessor. Tsuga, 63, will become chairman.The change comes as Panasonic has begun to benefit from a partnership with Tesla, which was central to the incumbent chief's strategy.

Kusumi also oversaw the launch of a joint battery venture with Toyota Motor Corp in April, which took over Panasonic's business in thin, rectangular-shaped prismatic batteries, a different format from cylindrical batteries used in Tesla EVs.

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