Hitachi, hit by crisis, replaces its president

Japanese high-tech company Hitachi has announced that it is replacing its president and splitting off its automotive systems and consumer electronics operations as it braces for a massive loss. Japanese high-tech giant Hitachi Ltd. said Monday that it was replacing its president and splitting off its automotive systems and consumer electronics operations as it braces for a massive loss. Hitachi said the revamp would speed up decision making, boost efficiency and enable it to fuse its automotive and electronics technologies. It named Takashi Kawamura, 69, who currently heads two of its subsidiaries, as its new president, chief executive and chairman. The group will hive off its auto systems business, which makes products including rechargeable lithium-ion batteries, and the consumer electronics arm, which includes flat-panel televisions, into separate companies in July. The two units will be wholly owned Hitachi subsidiaries.