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Satoshi Tsunakawa, Toshiba CEO Resigns

Toshiba’s CEO Satoshi Tsunakawa and his deputy Mamieu Hatazawa resigned earlier today amid the furore over plans to re-structure the company.

Corporate svp Taro Shimada is the new CEO.

Tsunakawa was a Toshiba lifer. Last November he came up with a plan to split Toshiba into three parts.

“Some shareholders voiced concerns that it’s difficult to vote on the two-way split plan without knowing who will be the leader taking the initiative,” Tsunakawa said earlier today, “today’s announcement is a result of the appointment committee moving swiftly to address that point.”

Shareholders have been pushing for a sale of the company to private equity and Blackstone has been reported to have made a bid  for the company.

That plan will be put to shareholders on March 24th.

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