Tasked with getting the Japanese company “back on its feet”, Toshiba Corporation has welcomed its first outside Chairman and CEO in over fifty years, Mr Nobuaki Kurumatani.
Kurumatani took office on April 2nd 2018, and is “very much aware” of the responsibility he takes on.
In February 2017, Toshiba Corporation rattled investors by delaying its earnings report announcement. Chairman, Shigenori Shiga, stepped down after projecting a ~US$6.3 billion loss, from its nuclear business.
To remedy, Toshiba decided to sell its ‘crown jewel’, Toshiba Memory, to Bain Capital. Originally scheduled to close in March 2018, the deal has been delayed, is reportedly scheduled to close by the end of April.
Once known for its suite of consumer electronics, Toshiba’s electronics business now represents only a tiny portion of overall revenue.
As per recent earnings reports, Toshiba’s PC and television business has continued to slump.
The Japanese company has since focused on areas such as computer chips and nuclear power – the later credited for sending the company into a financial meltdown.
Mr Kurumatani states getting “Toshiba back on its feet” is his “true calling”:
“I am here at Toshiba to support change and transformation, and I see my role as to build on the company’s resilience and to lead its recovery”
“To secure growth, we must radically improve our earning power and reinforce our finances. We must move out of our comfort zone and promote fundamental reforms”.
Prior to Toshiba, Kurumatani was the President of CVC Asia Pacific Japan. Before this, he was the Deputy President and a Director of one of Japan’s largest financial institutions, Sumitomo Mitsui Financial Group.
Following the appointment of Kurumatani, former Toshiba Chairman, Satoshi Tsunakawa, will step down and take on the role of ‘Representative Executive Officer and President’, and Chief Operations Officer (COO).
Toshiba asserts Mr. Kurumatani and Mr. Tsunakawa will “together execute the management of Toshiba Group”.
