Toshiba CEO said to resign, leading to a possible review of split plan

Asian Tech Press (Mar. 1) -- CEO of Japanese electronics giant Toshiba Corp (TYO:6502) will reportedly resign, leading to a possible review of the spin-off plan.

Citing TV Tokyo report, Bloomberg said that Toshiba CEO Satoshi Tsunakawa will resign along with other senior executives to take responsibility for the confusion caused by the sudden change in its reorganization plans.

Toshiba announced last month that it will split into two parts, abandoning an initial plan to divide into three listed companies.

The local media outlet said Tsunakawa will be replaced by senior executive Taro Shimada, and that the new management plans to review the controversial proposal to split into two companies.

However, Toshiba spokesperson Midori Hara denied that executives would step down to take responsibility, adding that the company would make a disclosure after today's board meeting if needed.

Tsunakawa said in an interview last week that taking Toyota private was fraught with drawbacks that would be impossible to ignore.

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