Matsushita to become Panasonic Corp.

James Delahunty
10 Jan 2008 18:05

Matsushita Industrial Electric Co., Ltd. is looking to change its name to Panasonic Corp., the strong, well-known brand name given to its internationally sold products. While the name change is being made to avoid consumer confusion and for the good of the company, there are mixed feelings about it, as it was originally named after its charismatic founder, Konosuke Matsushita.
Matsushita President Fumio Ohtsubo said that the name change would bring more value to the company than nostalgia possibly could. "We must create more than what we are giving up," he said Thursday, speaking from the Osaka headquarters. The name change was approved by a Board of Directors and will go into effect on October 1st, pending approval at an upcoming shareholders meeting.
Konosuke Matsushita, along with Sony founder Akio Morita, is credited with leading Japan's modernization and economic success in the post-World War II world. He died in 1989 at age 94 after inspiring Japanese corporate culture, remembered for making claims like only good companies that contribute to social well-being can be truly successful.
In Japan, he is known as "The God of Management"; a title that would seem impossible when he was working at a brazier store at age 9 after his family lost its fortune. Members of the Matsushita family were informed of the intention to change the company name, and reportedly welcomed the move for the good of the company's future.
Source:
Yahoo (AP)