Toshiba CEO resigns

Author: EIS Release Date: Mar 7, 2022

Toshiba’s CEO Satoshi Tsunakawa (pictured) and his deputy Mamieu Hatazawa resigned earlier today amid the furore over plans to re-structure the company.

 

 Corporate svp Taro Shimada is the new CEO.

 

Tsunakawa was a Toshiba lifer. Last November he came up with a plan to split Toshiba into three parts.

 

Shareholder disapproval led him to abandon the plan and present a new strategy in February this year to split Toshiba in two – semiconductors and infrastructure.

 

“Some shareholders voiced concerns that it’s difficult to vote on the two-way split plan without knowing who will be the leader taking the initiative,” Tsunakawa said earlier today, “today’s announcement is a result of the appointment committee moving swiftly to address that point.”

 

Shareholders have been pushing for a sale of the company to private equity and Blackstone has been reported to have made a bid  for the company.

 

That plan will be put to shareholders on March 24th.