New president for Toshiba

Norio Sasaki, currently Toshiba's senior executive vice president, will replace Atsutoshi Nishida, who is to become chairman of the board. Nishida said: "I have always seen four years as a milestone. We are currently in a severe business environment, but I thought I paved the way, to a certain degree, toward the direction that Toshiba should advance by preparing the constitutional improvement programme. Also, it's better if the person who implements structural reforms continues to run the company thereafter. In that sense, I thought this is the best time to replace the president." Nishida continued: "At companies like Toshiba, where a committee is established, the president cannot serve as the chairman at the same time under the corporate governance rules. I do feel responsible as president for our latest financial results, which were very regrettable, but that has nothing to do with the replacement of the president."