Oct. 30 (Bloomberg) -- Pioneer Corp. named Susumu Kotani as president, tapping an executive with experience across its businesses to help recover from a fifth year of losses.

Kotani, currently a managing director, will take over from Tamihiko Sudo on Nov. 16, Pioneer said today.

The Tokyo-based company said it will report a wider-than- forecast net loss of 78 billion yen in the year to March 31 as the yen surged and the slowing economy saps demand for its car and home electronics. Pioneer, which plans to end unprofitable plasma-panel operations by February and cut 2,000 jobs this fiscal year, said 514 workers at the group have taken up its offer of early retirement.

Pioneer had forecast on July 31 that it would post a full- year net loss of 19 billion yen.

The company said today sales will drop 9.6 percent from a year earlier to 700 billion yen, compared with its previous forecast for 780 billion yen.

The operating loss, or sales minus the cost of goods sold and administrative expenses, will be 17 billion yen, compared with an earlier projected profit of 7 billion yen and 10.9 billion yen a year earlier, Pioneer said.

The yen is the best performer this year among major currencies tracked by Bloomberg, jumping 27 percent versus the euro and 14 percent against the dollar. A stronger yen cuts the value of overseas earnings when they are repatriated.

Pioneer gained 9.8 percent to close at 335 yen on the Tokyo Stock Exchange, before the company's announcements. The stock has dropped 67 percent in 2008, poised for a fifth year of decline.

To contact the reporter on this story: Hiroshi Suzuki in Tokyo at Hsuzuki5@bloomberg.net.

Last Updated: October 30, 2008 02:43 EDT