JAL gets new CEO as stock plunges 81%

Carrier's market value less than cost of Boeing 747-8 airliner

TOKYO: Kazuo Inamori, the founder of electronics maker Kyocera Corp, agreed yesterday to become the new chief executive of Japan Airlines, as the carrier's shares plunged ahead of its expected bankruptcy.

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 up to two dozen unprofitable routes, sources have told Reuters.