Matsushita Electric Names New President

TOKYO (04/25/2000) - Matsushita Electric Industrial Co. Ltd., which sells products under its Panasonic brand name, announced this afternoon that Yoichi Morishita, its current president, plans later this year to step aside from the day-to-day running of the company later this year.

Kunio Nakamura, currently a senior managing director, will become the new president of the company, Matsushita said.

Nakamura heads a Matsushita unit focusing on the development and sales of products including video, audio, computers, recording and interactive media, optical disk systems and TV and video systems. Prior to his present position, which he accepted in July 1997, he was chairman and chief executive officer of Matsushita Electric Corporation of America (MECA), a position he had held since July 1993.

Current president Morishita will become chairman. In his new position, Morishita will replace Masaharu Matsushita who will take on the new title of honorary chairman and executive advisor. The moves have to be officially approved at a director's meeting scheduled to immediately follow the annual general meeting.

Matsushita Electric Industrial, in Tokyo, can be reached via the Web at http://www.mei.co.jp/.

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