Toshiba in final talks on new president; Tsunakawa top candidate

Japan’s Toshiba Corp is in final talks to replace President Masashi Muromachi, with Senior Executive Vice President Satoshi Tsunakawa a leading candidate as it aims to turn the scandal-hit firm back to growth, a source told Reuters on Sunday.

The source, who is familiar with the matter, indicated Tsunakawa was a top candidate, saying the successor would be likely be one of three senior executive vice presidents, and noting that he was not embroiled in the accounting scandal.

A company committee is expected to make a final decision after the Golden Week holiday that ends in early May, the source said.

Toshiba officials were not immediately available for comments on a new company president.

The new president will assume the job after approval at the annual shareholders meeting in June, he added.

Toshiba, with business spanning televisions to nuclear power, has said it inflated profits by more than 230 billion yen ($2.06 billion) over about seven years to March 2015.

The company is also preparing to write down the value of its stake in U.S. nuclear subsidiary Westinghouse by about 200 billion yen, sources familiar with the matter said on Wednesday.

In a sign it was trying to draw a line under the scandal, a company committee met last Wednesday to discuss the resignation of Muromachi, who is also chief executive officer, said other sources, who requested anonymity because they were not authorized to speak to media.

Muromachi has said he wants to step down after ensuring Toshiba was on track to recovery.

Source: Reuters