Wednesday March 18, 07:45 AM
Toshiba says to replace president amid crisis
TOKYO (AFP) - Japan's Toshiba Corp (Berlin: TSE1.BE - news) . said Wednesday that it was appointing a younger president, Norio Sasaki, to take the reins of the loss-making high-tech giant.
Sasaki, who is 59 and currently a vice president at Toshiba, will replace 65-year-old Atsutoshi Nishida in June as president and chief executive, subject to shareholder approval, the company said in a statement.
The electronics and engineering behemoth is cutting 4,500 jobs and slashing investment as it braces for a net loss of 280 billion yen (2.8 billion dollars) in the current financial year to March.
The outgoing Nishida, who has been president since June 2005, will become chairman.
Toshiba, which owns US nuclear plant maker Westinghouse, has been hit by heavy losses in its core semiconductor business, although its power systems sales have been less severely affected by the economic downturn.
The group is not the only Japanese high-tech giant changing its president during the economic crisis.
Toyota Motor (Frankfurt: 853510 - news) , Sony (Munich: 853687 - news) , Honda and Hitachi (Xetra: 853219 - news) have also announced this year plans to replace their presidents, often turning to a younger generation to lead them through Japan's worst recession in decades.
|
|
|
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
