Toshiba CEO Satoshi Tsunakawa announces resignation
Toshiba has announced that CEO Satoshi Tsunakawa has stepped down from his role and has named corporate senior vice president Taro Shimada as his successor.
In his new role, Shimada will also run the energy and infrastructure business after Toshiba's split into two standalone companies, a move due to be completed by the second half of FY23.
On Tuesday, the company also announced that Goro Yanase, Toshiba Elevator and Building Systems president and CEO, has been appointed as Toshiba COO.
The company's board also promoted Hiroyuki Sato, currently president and CEO of Toshiba Electronic Devices and Storage, to the role of Toshiba's corporate executive vice president who will be responsible for the company's electronic and storage business. Once the business is spun-off, Sato will be president and CEO of Device Co.
The company noted all three appointments are interim, however.
"The board will monitor performance and the status of business execution, and confirmation of the appointees in their respective positions is subject to achievement of satisfactory results. Where appropriate, the board will continue its deliberations, toward appointing external candidates," the company said.
Toshiba added despite Tsunakawa's resignation as CEO, he will continue to serve as the company's interim chair.
The executive changes are the latest following the exit of the company's former CEO Nobuaki Kurumatani last April and the ousting of the company's chairman Osamu Nagayama by shareholders last June.
Another director that was part of Toshiba's audit committee, Nobuyuki Kobayashi, was also ousted during the vote by shareholders during the company's annual general meeting (AGM) last year.
It was the first AGM since an independent investigation [PDF], passed by shareholders, revealed the company colluded with Japanese officials to prevent certain shareholders from exercising their voting rights at last year's annual general meeting.
Nagayama previously penned an open letter stating his "deep regret" about Toshiba's conduct and pledged to be an agent of positive change.
The investigation, conducted by three lawyers, found Toshiba "devised a plan" with Ministry of Economy, Trade and Industry officials to prevent Effissimo Capital Management, which holds 9.9% of Toshiba shares, from exercising certain shareholder privileges at Toshiba's annual general meetings.