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Hitachi posts $4B loss in third quarter

  • Story Highlights
  • Hitachi posts loss of $4.078 billion for three months ending December 31
  • As of new fiscal year, only 12 of its 30 executive officers will be in same positions
  • Hitachi announced last week it would cut 7,000 jobs worldwide
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TOKYO, Japan (CNN) -- Japanese electronics company Hitachi on Tuesday announced a third-quarter loss of more than $4 billion. The company also reshuffled its executive leadership.

Hitachi's loss of $4.078 billion for the three months ending December 31 came as the global economy slammed on the brakes and exports fell.

During the previous six months -- April through September -- the company made a modest $156 million.

When Hitachi's new fiscal year starts on April 1, only 12 of its 30 executive officers will be in the same positions they held the previous year. Kazuo Furukawa will remain as CEO and president, but seven of the executive officers will be new, while six will have resigned. The remaining officers will have been promoted or shuffled to new jobs.

Last week, Hitachi cited slumping profits for cutting 7,000 jobs worldwide in its automobile and TV-related businesses.

Four thousand will come from the auto unit and 3,000 from the television departments, said Hiroki Inoue, a company spokesman.

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