JCNNetwork: Toshiba Corp. said Norio Sasaki will become president in June. Toshiba is the latest Japanese electronics conglomerate to reshuffle top management betting that a change will help revive the company.
Sasaki, a 59-year-old engineering veteran in Toshiba’s nuclear power business, will officially take the helm of the hard-hit firm after a shareholders’ vote slated for late June.
Atsutoshi Nishida, Toshiba’s current president, will become chairman, while Chairman Tadashi Okamura will become an adviser to the board. Sasaki said he would pursue a recovery program “thoroughly” and aim to restore profitability in the fiscal year starting April. The company may consider raising capital, but he declined to elaborate.