Mon, Feb 25, 2013 - Page 15 News List

Toshiba board considers replacing chief: report

Bloomberg

Toshiba Corp, the Japanese maker of products such as flashmemory chips, elevators and nuclear reactors, may replace its president Norio Sasaki after a shareholder meeting in June, an official at the company said.

Toshiba’s board may name corporate senior executive vice president Hisao Tanaka, 62, to take Sasaki’s place, the official said, asking not to be identified as the decision has not yet been made.

Sasaki would become vice chairman and chairman Atsutoshi Nishida would retain his post, the person said.

Sasaki has headed the Tokyo-based company since June 2009, leading Toshiba to two consecutive years of profit after it reported a record ¥344 billion (US$3.7 billion) net loss in the year ended March 2009 amid a slump in demand for memory chips.

The 63-year-old executive, who joined Toshiba in 1972, has focused on acquisitions and capital spending targeting chips, hard disks and smart grids to boost earnings.

Toshiba bought San Antonio-based energy technology management company Consert Inc for more than ¥1 billion this month, it said on Feb. 7.

It had acquired Swiss electronic-metering company Landis+Gyr AG in 2011 to boost its energy-management sales.

The Nikkei Shimbun reported the planned change earlier. Toshiba is not the source of the report and no decision has been made, Atsushi Ido, a company spokesman, said by phone on Saturday.

Tanaka joined Toshiba in 1973 and has held his current title since June 2011, according to the company’s Web site.

Toshiba posted a larger-than-expected profit for the three months ending on Dec. 31 because of higher semiconductor prices, a weaker yen and rising sales of power equipment. Net income totaled ¥29.3 billion, the company said on Jan. 31.

The company, the world’s second-biggest producer of flash memory, expects full-year net income of ¥110 billion, operating profit of ¥260 billion and ¥6.1 trillion of sales, it said on Jan. 31.

Toshiba has gained 22 percent in Tokyo trading this year after advancing 7 percent last year.

This story has been viewed 1448 times.
TOP top