Sanyo Electric's (ADR: SANYY) VP & CFO Parts Ways

Oct. 7.05 | About: Sanyo Elec (SANYY)

The Associated Press reported today that Sanyo Electric's (ticker: SANYY) Vice President and Chief Financial Officer Yoichiro Furuse parted ways citing disagreements with management. Furuse had been with Sanyo since June 2002. This news comes after a revised negative earnings forecast issued last week for the rest of the fiscal year ending in March 2006. Sanyo is in the middle of a comprehensive restructuring and cost-cutting plan that includes a new management team brought on in April. Sanyo's ADRs were trading up about half a percent on low volume at the time of this posting.