TOKYO - Shares of Sanyo Electric, which forecasts a second year of losses, slid to a 26-year low after Goldman Sachs cut the company's rating because the resignation of its chief financial officer may delay efforts to revive earnings.

Chief financial officer Yoichiro Furuse quit on October 7, a week after the Osaka-based company widened its annual loss forecast to 140 billion ($1.75 billion) from an earlier 92 billion estimate. Chief executive Tomoyo Nonaka in July said she would cut 15 per cent of its workforce and focus resources on batteries, solar cells and areas related to energy and the environment to restore earnings growth.

"There is a risk that Furuse's departure could stall the company's structural reforms, and also lead to an exodus of talent from the company," said Yuji Fujimori, a Tokyo-based analyst at Goldman Sachs, in a report to clients.

Sanyo, the world's third-biggest digital-camera supplier, said it will announce first-half earnings on November 18, about three weeks later than its schedule.

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