TOKYO (dpa-AFX) - Toshiba Corp.'s (TOSYY.PK, TOSBF.PK) chief executive officer Satoshi Tsunakawa has stepped down. The sudden resignation that comes after reports said internal opposition to the Japanese conglomerate's controversial restructuring plans grew. The company has appointed its corporate senior vice president Taro Shimada as his successor.
Toshiba said earlier in February that it planned to separate itself into two standalone companies, instead of three.
Toshiba will spinoff its Electronic Devices & Storage business in the second half of fiscal year 2023. Shimada will lead the company that will run the energy and infrastructure business after the spin-off, the company said on Tuesday.
Goro Yanase, the President and Chief Executive Officer of Toshiba Elevator and Building Systems Corporation, is appointed Representative Executive Officer, Corporate Senior Executive Vice President and Chief Operating Officer of Toshiba Corporation.
Toshiba also appointed Hiroyuki Sato, currently the President and Chief Executive Officer of Toshiba Electronic Devices & Storage Corporation, as a Representative Executive Officer and Corporate Executive Vice President of Toshiba Corporation, responsible for the Electronic Devices & Storage business, and, once it is spun off, to be President and Chief Executive Officer of the new company.
Toshiba simultaneously announced that Satoshi Tsunakawa and Mamoru Hatazawa have resigned from their positions as Executive Officers and Representative Executive Officers, effective from the close of the Board meeting. Tsunakawa will continue to serve as Chairperson of the Board of Directors (Interim), and both will continue to serve as Directors of the Company.
Toshiba will announce nominees for election to the Board of Directors, to be voted on at Toshiba's Ordinary General Meeting of Shareholders in June 2022, once they have been decided.
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