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About Panasonic

The Founder Konosuke Matsushita


Chapter 4
Dreams Running Unbounded - As Chairman of
the Board and later as Executive Advisor

Inviting the presidents of all sales companies and distributors to a three-day conference: in 1964 at age 69


As Panasonic's profits plummeted for the first time since 1950,Konosuke invited the presidents of all Panasonic sales companies and distributors throughout Japan to a three-day conference in the Atami hot spring resort, south of Tokyo.
The sales companies and distributors blamed the corporation for their economic troubles. However, Panasonic executives denied responsibility, claiming that poor management of the sales companies was the problem. To avoid a total breakdown in communication, on the final day, Konosuke addressed the tense gathering, saying,
"I understand your position, and we will argue no more. Our company is clearly to blame, and, with your assistance, I will try my best to rectify this situation." The impassioned plea brought a hush to the audience, and then, acknowledging Konosuke's sincerity, those assembled vowed that they were now ready to work together.
At the close of the conference, Konosuke personally presented placards to all the assembled presidents, on which he wrote the words, "Co-existence and Mutual Prosperity". After the conference, Konosuke stepped out of retirement to temporarily take over as Director of the Corporate Sales Division, totally revamping the corporation's sales and distribution system. He reorganized existing sales companies, allowed direct transactions between sales companies and product divisions, and created a credit plan for consumers. With these measures in place, sales gradually began to improve.

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