Toshiba Appoints Former Banker CEO in Drive to Rebuild Company

Just last week, Toshiba Corporation of Tokyo, Japan, reported that it expects to return to profitability for its fiscal year ending next month. It also reported that its board of directors had appointed a new CEO and chairman, Nobuaki Kurumatani, who will take the position on April 1st. The board has also decided to reappoint Satoshi Tsunakawa to his current position of president and  chief operation officer (COO)

Toshiba says it’s “currently engineering major transformations to its business portfolio and capital formation. ”

Toshiba’s new CEO “will be responsible for strategies for growth in the medium- to long-term and public relations; at the same time, the Representative Executive Officer and President will act as COO for execution of business operation.”

Toshiba’s new CEO, Kurumatani, is currently the president of CVC Asia Pacific Japan, and a member of Sharp Corporation’s Audit & Supervisory Committee. Prior to joining CVC in May 2017, he was deputy president and a director of Sumitomo Mitsui Financial Group, where his career was devoted to corporate planning, public relations, and internal auditing. He has also served as a member of the committee on corporate accounting and corporate governance at Keidanren, the Japan Business Foundation, and also currently is a member of a number of committees and councils of the Keizai Doyukai, the Japan Association of Corporate Executives, where he works with multiple Japanese government ministries, including the Ministry of Finance, the Ministry of Economy, Trade and Industry, and the Ministry of Health, Welfare and Labor. Kurumatani graduated from The University of Tokyo with a bachelor’s degree in Economics in 1980.

Commenting on his new appointment, Kurumatani stated: “I am honored and delighted to accept this appointment, and deeply aware of the challenges I face. I will draw on all my experience and devote all my efforts to rebuilding Toshiba Group, by recovering and strengthening its financial base. I will reexamine the business portfolio and allocate necessary resources needed, and also inject a spirited commitment into the Group’s activities to improve its governance structure and rebuild its corporate culture by driving forward Group unity.

“The past few years have not been easy for Toshiba, but I have every confidence that overcoming all the difficulties it has faced will shape a stronger Toshiba Group. This company has a long and impressive history of creating new technologies and turning them into massive businesses, and I see my most important responsibility as reactivating this cultural DNA, and bringing all management resources together to focus on reviving Toshiba.”

New Management Structure Chart

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