Panasonic Chairman Manish Sharma steps down to pursue growth outside

Sharma has been instrumental in shaping Panasonic's business strategy, growth trajectory, and organisational culture in India, according to a company statement

Panasonic Life Solutions India Chairman Manish Sharma has resigned from the company after steering the appliance & consumer electronics product maker for over a decade.

He has been instrumental in shaping Panasonic's business strategy, growth trajectory, and organisational culture in India, according to a company statement.

Sharma will continue to support the organization during the transition period, while Tadashi Chiba, MD and CEO, Panasonic Life Solutions India continues to manage India business, it said.

According to an industry insider, Sharma announced his decision to quit Panasonic during a company town hall. In that town hall, Head of Panasonic's appliances business globally, Masahiro Shinada, was also present.

During his tenure, Panasonic became a prominent name in the fast-growing appliance market. In segments such as Room AC and LED TV, Panasonic becomes a visible competitor.

Sharma has been a strong proponent of the "Make in India" initiative and has overseen the expansion of Panasonic's local manufacturing capabilities in India. During his tenure, Panasonic India has increased local production of various product lines over several years.

Besides Panasonic Life Solutions, Sharma also heads the Electronics Manufacturing Committee of the industry body FICCI and was instrumental in the first PLI (production-linked incentives) for white Goods (Air Conditioners and LED Lights).

He is also a member of the SCALE (Steering Committee on Advancing Local value-add & Exports) Committee, which is established by the Indian government to boost local manufacturing and exports, particularly in the wake of supply chain disruptions.

Sharma also led CEAMA (Consumer Electronics and Appliances Manufacturers Association) from 2014-2018.

Earlier this year, Panasonic announced its exit from the refrigerator and washing machine segments in India, as part of the global restructuring of business by the Japanese appliances and consumer electronics major.

Both the refrigerator and washing machine segments were loss-making businesses for Panasonic in India, where it was struggling to make a space in the market, and according to GFK numbers, it has a very low market share in both segments.

According to industry insiders, Panasonic faced headwinds after this exit in the Indian market.

Panasonic Life Solutions India is the entity which is formed after merging businesses - Panasonic India, Anchor Electricals, Panasonic Energy and Panasonic Carbon.

Sharma had joined Panasonic as Head of Marketing, Consumer Electronics & Home Appliances in August 2008. He became the MD & CEO in 2012, Executive Committee member of Panasonic Corporation in 2016 and Chairman in 2021. Prior to that, he was working with Haier India.

Sharma, an alumnus of Bhilai Institute of Technology, has also worked with LG Electronics India and Colour Television.