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Toshiba CEO Resigns In Opposition To Restructuring Plans

Satoshi Tsunakawa

Toshiba CEO Satoshi Tsunakawa has suddenly resigned from the company, a result of his opposition to the company’s restructuring plans.

After plans to split the business into three was met with fierce criticism from shareholders, the company announced revised plans to split into two and sell other arms of the business.

Mamoru Hatazawa, corporate senior executive vice president, will also resign.

Senior executive Taro Shimada will become the new interim CEO, effective immediately, Toshiba said in a statement. Goro Yanase, the head of Toshiba’s elevator business, is the interim COO.

“Where appropriate, the board will continue its deliberations toward appointing external candidates,” the board said.

This shake-up comes just weeks before the company’s EGM on March 24, where it will seek shareholder approval to restructure the company. This meeting will also see shareholder’s vote on a proposal that will seek buyout offers from private equity firms.

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