Japan Airlines gets new CEO as bankruptcy looms

JAL is likely to file for bankruptcy as early as next week as part of a broader restructuring aimed at reducing debts, slashing about 13,000 jobs and cutting dozens of unprofitable routes, sources have told Reuters.

With $16 billion in debts, JAL's bankruptcy would be the sixth largest in Japan's history.

Inamori, the 77-year-old honorary chairman of Kyocera and an ordained Buddhist priest, will replace Haruka Nishimatsu, who has indicated he would resign as part of the restructuring overseen by a government-backed fund.

Founded in 1959 as a ceramics company, Kyocera has grown into one of Japan's most profitable technology firms. Its products include semiconductor components, mobile phones and solar cells.

"I don't know anything about the transportation industry, but I would like to make my best contribution," Inamori told reporters after meeting Prime Minister Yukio Hatoyama, adding that he did not plan to take a salary.

"I am old and a full-time job is hard for me, so I would like to work three or four days a week and I will work for free."