Kunio ""Kirk"" Nakamura Takes Over As President Of Matsushita Electric - Panasonic

Ran Panasonicís U.S. and Canada Operations In 1990s

30-Jun-00

Kunio ""Kirk"" Nakamura, an executive who formerly headed the company's U.S. and Canadian operations, has taken over as President of Matsushita Electric Industrial Co., Ltd., the world's largest consumer electronics manufacturer. Mr. Nakamura had been nominated to the post in April, and assumed his new duties following the company's annual shareholders meeting. In his new position, Mr. Nakamura will direct the daily operations of a multinational corporation with over 290,000 employees in 46 countries, more than 25,000 of them in the U.S. and elsewhere in North America. ""Matsushita Electric's future depends on expanding our leadership in Internet appliances, digital memory devices - particularly SD Memory Cards - digital television, mobile phones and a range of other high-tech areas,"" Mr. Nakamura said. ""Achieving this will be my first priority as President. As a company, we are about to begin a very exciting journey."" As president of Matsushita Electric, Mr. Nakamura succeeds Yoichi Morishita, who became President in 1993. Mr. Morishita will now serve as Chairman of the Matsushita Electric board. In addition to heading Matsushita's U.S.-based operations from 1993 through 1997 as Chairman and CEO of Secaucus, New Jersey-based Matsushita Electric Corporation of America, Mr. Nakamura also served as President of Panasonic Consumer Electronics Company - based in New Jersey as well - from 1989 through 1992. Between these assignments in the U.S., Mr. Nakamura - who joined Matsushita Electric in 1962 - directed Panasonic U.K., a consumer sales company based in the United Kingdom. Most recently, he was President of Matsushita Electric's Japan-based AVC Company. Matsushita Electric Industrial Co., Ltd, a worldwide leader in the development of technologies for and the production of electronic and electric products for consumer, business and industrial use, recorded sales of $68.86 billion for the fiscal year ended March 2000. Additional information on Panasonic and Matsushita Electric is available at www.panasonic.com.

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