Toshiba Corp. said Wednesday it has named a new president, joining a string of other Japanese companies in shuffling management amid a crippling recession.
The electronics giant said its board of directors nominated Corporate Senior Executive Vice President Norio Sasaki, an expert in nuclear energy, as president and chief executive officer.
“My biggest task is to unite our group companies and employees as one to overcome the difficult time and turn around the business as quickly as possible,” Sasaki told a news conference at company headquarters in Tokyo.
Sasaki, 59, will officially replace Atsutoshi Nishida in June after approval at a shareholders’ meeting, the two executives said. The decision by the board of directors was based on a recommendation from Nishida, 65, who will become chairman.
“The business environment surrounding our company is extremely severe. I decided it would be best for both management and employees to pursue our business under a new leader,” Nishida said.
Toshiba appears to be trying to show its determination to make a turnaround amid the global economic crisis. Sasaki has managed its heavy electric machinery operations, including nuclear power generation and equipment.
The company sank into the red in the third quarter and has projected a net loss for the full fiscal year, citing declining demand for its flash memory chips used to store data in consumer gadgets such as music players and digital cameras.
In January, Toshiba announced a plan to cut 4,500 contract workers and delay or cancel investments in new chip plants.
“Having compiled and mapped out the restructuring program, I’ve completed a phase,” the outgoing president said. “Now it’s time to hand it over to a person with a clear vision of Toshiba’s future and a determination to achieve the goal.”
A mechanical engineer, Sasaki joined Toshiba in 1972 and has spent most of his career on nuclear power…