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Toshiba loses another CEO

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By Nick Flaherty


Toshiba has lost another chief executive as restructuring plans falter. 

Satoshi Tsunakawa has been replaced as CEO following a three-way restructuring plan that failed  to gain shareholder approval. He came up with an alternative two-way split instead that will be voted on at the end of March. Mamoru Hatazawa, representative executive officer, also steps down, making way for the executives that will lead the spin out companies.

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The restructuring follows the accounting scandal which saw the company mis-stating its results over many years and saw Hisao Tanaka resign in 2015. Nobuaki Kurumatani, who took over, resigned in 2021 to be replaced by the chairman, Tsunakawa.

Tsunakawa and Hatazawa remain on the board of the parent company, but have been immediately replaced. Taro Shimada, a corporate vice president, takes over as CEO and will lead the energy and infrastructure business after the proposed split. Goro Yanase, CEO of Toshiba elevator and Building Systems, takes over as chief operating officer.

In a third appointment, Hiroyuki Sato, currently the CEO of the electronic devices and storage business, is confirmed as the executive to take over the device business when it separates.

All these appointments are interim though, and Toshiba says it continues to look at external candidates to run the businesses if appropriate.

www.toshiba.co.jp

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