A day after stepping into his new role, Toshiba Corp. President Satoshi Tsunakawa has cautioned that the company is still recovering from a bruising accounting scandal and faces a lengthy turnaround process.
"We are not even at the halfway point yet," Tsunakawa said in a group interview in Tokyo on Thursday. "We are still at the mountain's foothills."
The power-to-electronics conglomerate revealed in 2015 its executives had padded profits for years. The scandal claimed the jobs of three presidents, led to record losses and forced it to shrink its empire. While managers at divisions from computers to power plants were found to have overstated profits or delayed booking losses, the medical unit led by Tsunakawa for four years till 2014 was spared controversy.