Toshiba Corp. Chief Executive Officer Nobuaki Kurumatani will add the title of president effective April, part of a revamp among top management aimed at speeding up decision-making.
Satoshi Tsunakawa, the current president who was promoted in 2016 following an accounting scandal, will resign and become non-executive chairman from April, Toshiba said in a statement Saturday.
Kurumatani, 62, joined Toshiba in April 2018 after the electronics conglomerate decided to sell its crown-jewel memory unit to a consortium led by Bain Capital, in order to avoid delisting after billions of dollars of losses in its U.S. nuclear energy operations. A former vice president at Sumitomo Mitsui Banking Corp. and executive at CVC Capital Partners Ltd., Kurumatani restored Toshiba's dividend and bought back ¥700 billion worth of shares.