Toshiba Corp. said Friday it will promote Vice President Satoshi Tsunakawa to replace President Masashi Muromachi as the industrial conglomerate aims to rebuild itself under new leadership.
The company's board of directors made the decision on Friday. The personnel change is expected to take effect in late June after a general shareholders' meeting, Toshiba said.
Tsunakawa, 60, who assumed his current post in September, is credited with having established Toshiba's medical equipment unit as one of its mainstay businesses.
For his part, Muromachi, 66, who has led Toshiba in the aftermath of an accounting scandal, will become a special adviser.
Toshiba has been undertaking a series of restructuring steps to emerge from the scandal in which it overstated profits for years.
For the year that ended in March, Toshiba expects to post a consolidated net loss of ¥470 billion ($4.4 billion), smaller than its initial estimate, as it will book about ¥380 billion in profit for selling its medical equipment division to Canon Inc.