Don Iwatani to Head Panasonic's U.S. Operations; Andy Takani Named New President of Panasonic's Consumer Electronics Sales Unit.

Business/Technology Editors

SECAUCUS, N.J.--(BUSINESS WIRE)--May 24, 2000

Matsushita Electric Industrial Co., Ltd. (NYSE: MC), best known in the U.S. by its Panasonic brand name, today announced that Hideaki "Don" Iwatani -- currently president of Panasonic Consumer Electronics Company -- has been named chairman and CEO of Matsushita Electric Corporation of America, which is based in this city. In this position, Mr. Iwatani will oversee Panasonic consumer, business-to-business and industrial sales, marketing, production and R&D operations for the company that, along with its affiliates, has 150 business locations in the United States, Mexico, Canada and Puerto Rico.

Mr. Iwatani has also been named to Matsushita Electric's board of directors with responsibility to oversee operations in both North and South America.

Mr. Hideatsu "Andy" Takani will succeed Mr. Iwatani as president of Panasonic Consumer Electronics Company. In his new role, Mr. Takani will direct the sales and marketing of Panasonic consumer electronics products in the United States.

Mr. Iwatani, who joined Matsushita Electric in 1968, has been president of Panasonic Consumer Electronics Company since 1996. Prior to that assignment, he was president of Panasonic Company West, which is based in the Los Angeles suburb of Cypress. In all, Mr. Iwatani has spent more than 22 years on assignments in the U.S., mostly in marketing and sales positions.

As chairman and CEO of Matsushita Electric Corporation of America, Mr. Iwatani will succeed Mr. Yoshinori Kobe, who has held the position since July 1997. Mr. Kobe will become an advisor for Matsushita Electric in Osaka, Japan.

Mr. Takani, who joined Matsushita Electric in 1971, is currently president of Panasonic Company West. During his career with Matsushita Electric, he has held a number of consumer electronics marketing and sales positions in the U.S., Japan and South America.

The appointments of both Mr. Iwatani and Mr. Takani will become effective upon approval at the annual shareholders' meeting of Matsushita Electric, which will be held on June 29 in Osaka, Japan.

In North America, Panasonic and its affiliates have more than 23,000 employees working at marketing and administrative offices, R&D labs and 24 different manufacturing sites. For the fiscal year ended March 2000, Panasonic and its affiliates recorded sales of $9.2 billion. Additional information on Panasonic and Matsushita Electric is available at www.panasonic.com.