Panasonic to Cut 10,000 Jobs by 2026 Amid Restructuring

Panasonic Holdings will cut 10,000 jobs, about 4-5% of its global workforce, evenly split between Japan and overseas, by March 2026 as part of a major restructuring effort to boost profitability and operational efficiency. The layoffs will focus on sales and back-office roles, and the company plans to exit or scale back loss-making and legacy businesses, including industrial devices and TVs. CEO Yuki Kusumi will take a 40% pay cut amid the restructuring, which is expected to cost about ¥130 billion (nearly $900 million). Panasonic, facing a 17.5% decline in fiscal 2025 net income and increased competition from Chinese firms, aims to improve profits by at least ¥150 billion by fiscal 2027. The company remains optimistic about its EV battery segment and is expanding partnerships with Mazda and Subaru while investing in emerging technologies and AI. This move aligns with a broader trend of job cuts and strategic shifts in the tech industry.