Japanese electronics manufacturer Pioneer stated on February 12 that the company plans to implement a series of cost-cutting measures, including shedding 10,000 jobs from its global workforce, shuttering its TV manufacturing operations and closing nine production facilities worldwide, as well as cutting top management's pay by 20% to 50%, Agence France-Presse reported. Also, for the fiscal year ending March 31, Pioneer expects to post a record net loss of 130 billion Yen (US$1.42 billion; US$1=91.39 Yen), compared with the previous forecast of 78 billion Yen loss (US$852.77 million).

Pioneer expects to exit the flat-panel TV business by March 2010. The company had pulled the plug on plasma panel production last year and fitted its TV with panels manufactured by Panasonic since. According to the Thursday announcement, the company plans to cease TV production altogether and close plants in the United States and the United Kingdom. Pioneer intends to redirect its focus to automotive electronics, as well as developing audio products and cable TV STBs (Set Top Boxes).

Of the projected 10,000 job cuts, 6,000 will be regular employees, approximately 16% of Pioneer's global workforce, and 4,000 will be temporary and contract workers. The measure will affect personnel at both the Japanese and overseas sites. Between March and December 2008, Pioneer had already let go 5,900 workers, bringing its global workforce down to 36,900 at present.