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Kazuhiro Tsuga, the newly appointed president of Panasonic Corp., said Wednesday the electronics giant will pursue growth on multiple business fronts in a rational way to survive harsh global competition.

The day after Panasonic announced that the 55-year-old will replace current President Fumio Otsubo, 66, Tsuga told a news conference in Tokyo: "We need to focus on how we can realize growth and profitability in all domains.

"We can't post growth without achieving 'rational growth' by removing inefficiency."

Tsuga said the company's goal has been to take revolutionary steps in fields related to the environment business.

"But we cannot depend only on the environment business," he added.

The Osaka-based company said Tuesday that Otsubo will step down and become chairman. Tsuga is currently a senior managing director and president of the firm's audiovisual products unit.

The change is to be formally approved at a general shareholders' meeting scheduled for June 27.

The shakeup came weeks after Panasonic forecast a 780 billion net loss, its biggest ever, for this business year to March due to the strong yen and slowing demand for its TV and semiconductor businesses.

At the same news conference, Otsubo said Panasonic will place importance on fast-growing emerging markets.

AP

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New Panasonic chief vows to chase profits