Toshiba Corp. is bringing in an outsider to lead the electronics maker, which has been battered by accounting scandals, record losses and downsizing.
Nobuaki Kurumatani, representative director of CVC Capital Partners Ltd. and former vice president at Sumitomo Mitsui Banking Corp., will become chief executive officer and chairman of Toshiba Corp., the Tokyo-based manufacturer said in a statement Wednesday. Satoshi Tsunakawa will step down as CEO and become chief operating officer. The changes will be effective from April 1.
Toshiba is in the process of selling its crown-jewel memory unit to a consortium led by Bain Capital to avoid delisting after billions of dollars of losses in its nuclear energy operations. The incoming CEO will face the challenges of restoring confidence in the 143-year-old conglomerate and finding ways to achieve growth without the key engines of semiconductors and nuclear power.