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Toshiba in turmoil

Toshiba centralizes power by appointing CEO Kurumatani as president

New chief led recovery from losses and scandal, now pushes digital-oriented strategy

Toshiba Chairman and CEO Nobuaki Kurumatani is slated to become president in April.

TOKYO -- Toshiba has announced it will appoint Chairman and CEO Nobuaki Kurumatani as president, consolidating decision-making authority to hasten the Japanese company's adoption of a more digital-oriented growth strategy.

Kurumatani, who joined the industrial group in his current capacity in 2018, has led Toshiba's recovery from a crisis sparked by the company's 2015 accounting scandal and crippling losses on U.S. nuclear operations. He has worked to find a new path forward after the spinoff and sale of Toshiba's crown jewel memory chip unit.

Under his management, Toshiba developed a business plan that combines mainstay operations such as infrastructure, energy and semiconductors with digital technologies.

Kurumatani spent most of his career at Sumitomo Mitsui Banking Corp. He will be Toshiba's first president from outside the company in 48 years. The move will take place in April after approval by the nominating committee.

Satoshi Tsunakawa, who has served as president since June 2016, will assume the post of chairman without representative rights. He will serve as the public face of the company.

Tsunakawa came up through Toshiba's health care business. While vice president, he worked in the corporate planning department and handled the sale of both Toshiba's white goods business and a medical equipment subsidiary. After Kurumatani joined Toshiba, Tsunakawa supported him as chief operating officer.

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