Panasonic Avionics has announced a number of senior leadership changes and confirmed it is the subject of an investigation under the Foreign Corrupt Practices Act.
Effective immediately, Hideo Nakano will serve as CEO of Panasonic Avionics, succeeding Paul Margis, who has left the company.
Mr. Nakano is an avionics industry veteran and was most recently the Deputy CEO of Panasonic Avionics.
His previous experience at Panasonic includes serving as CFO of Panasonic’s Automotive and Industrial Systems Company, the largest of Panasonic Corp.’s four internal companies, as well as CFO of Panasonic Corporation of North America.
Panasonic Avionics has also appointed Mark Jennings to serve in the new position of Chief Operating Officer.
In this role, Mr. Jennings will be responsible for duties related to operations, engineering, sales and marketing. Mr. Jennings joined Panasonic Avionics in 1998 as Regional Director based in Dubai and most recently served as Vice President of Operations.
Additionally, Seigo Tada has been named Chief Financial Officer of PAC. He succeeds Paul Bottiaux, who has left the company.
Mr. Tada will maintain his position as VP of Finance and Controller of Panasonic Corporation of North America.
Mr. Tada joined Panasonic in 1985 and has held roles of increasing responsibility within the finance function throughout his time with the company, including ten years in the United States.
Panasonic has disclosed that the business operations of its U.S. subsidiary Panasonic Avionics Corporation are the subject of an investigation by the United States Department of Justice (DOJ) and the United States Securities and Exchange Commission (SEC) under the Foreign Corrupt Practices Act and other securities related laws.
It says it has been cooperating with the authorities, and has recently engaged in discussions with the DOJ and SEC with a view towards resolving the matter.
Further information will be released in due course, but a company spokesperson declined to comment further.