Toshiba Corp. said Wednesday it will promote Norio Sasaki, 59, corporate senior executive vice president, to president in late June, replacing Atsutoshi Nishida, 65.
Nishida will become chairman without the right to represent the company, while Chairman Tadashi Okamura, 70, will become an adviser, the electronics and electrical equipment manufacturer said.
The top management change will be officially approved at a board meeting after endorsement at a regular shareholders’ meeting slated for late June.
The top management reshuffle is being viewed as a sign that President Nishida is assuming responsibility for Toshiba’s group operating loss of ¥280 billion for the year to this month, industry analysts said.
Sasaki, who joined Toshiba after graduating from Waseda University in 1972, was named vice president for the nuclear and energy systems and services division in April 2003 before becoming corporate senior executive vice president last June.
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