Pioneer to cut workforce by 1,000 workers

Pioneer to cut workforce by 1,000 workers

Japanese electronics major Pioneer Corporation has announced that they are going to cut around 10 percent of its domestic work force. This means that the company would be laying off around 1000 workers. They also announced plans to scale down their DVD recorder business to shore up its struggling operations.

The company had also earlier announced plans to cut 2000 jobs back in March. However, most of those jobs were related to overseas workers. President Keneo Ito and Chairman Kanya Matsumoto have also decided to step down taking responsibilities for these latest hard decisions by the company. Executive Vice President Tamihiko Sudo is now due to become the new president next month.

Pioneer’s restructuring steps are expected to be approved by the board of directors in a meeting scheduled for tomorrow. They would be expecting that these massive changes would bring them better days and the restructuring steps would help them in a similar way as they have helped Sanyo. Pioneer has already shut down two of its six production lines for plasma displays in October and is now expected to carry out further reduction in its panel output capacity.

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