JAPAN NEWS: Toshiba latest company to restructure and name new president
The company, expected to post a loss of
Y280bn (£2.04bn), a drop of Y407.4bn, or almost £3bn, from its 2007-8 profits, will put in place a new president in June. Norio Sasaki, who joined the company in 1972, has previously held senior roles in Toshiba's nuclear power business, and currently heads the profitable heavy electric machinery operations.
He assumes the role at a time when the company's semiconductor business has been taking a particularly big hit from the global downturn, as well as problems having been created by price erosion in consumer products such as TVs. There's no mention of the effect the dropping of HD DVD last Spring had on turnover.
Toshiba has made no specific announcements regarding Sasaki's appointment being to do with the current poor performance, but current president Atsutoshi Nishida will become chairman, and current chairman Tadashi Okamura will serve as adviser.
Hitachi brings back the old guard
Hitachi's reorganisation, announced earlier this week, brought in a team of veteran managers to help it weather the huge losses it's expected to post for the current financial year. The incoming president, Takashi Kawamura is, at 68, six years older than the man he replaces, Kazuo Furukawa.
Estimated at almost
Y700bn (£5.1bn), the losses have also caused the company to spin off its home appliance division (which includes TVs) and car parts business into subsidiary companies.
The new president says that "Hitachi will become more of a builder of social infrastructure facilities like power plants, environmental equipment and industrial machinery."