Japanese electronics maker Matsushita Electric Industrial Co. will drop the founder’s name and adopt the brand name Panasonic as the company name, public broadcaster NHK TV reported Thursday.

Matsushita President Fumio Ohtsubo acknowledged it was a tough decision to give up the Matsushita and other brand names the company has built with consumers and employees for 90 years. But he said the value of the Panasonic brand had suffered because the company had stuck with the old name.

[via chinadaily]