Toshiba ends 74-year history as public firm, set for turnaround

 

Toshiba Corp. was delisted on Wednesday, bringing down the curtain on its 74-year history as a listed company following a 2 trillion yen ($14 billion) buyout from a consortium led by Japan Industrial Partners Inc., Paralel.Az reports citing Kyodo News.

Under the new owner, the major Japanese tech company will focus on turning around its business, which was undermined by a spate of problems in the 2010s, ranging from an accounting scandal to massive losses in its U.S. nuclear business.

"Toshiba Group will now take a major step toward a new future with a new shareholder," the company said in a statement on Tuesday, adding that it will "strive to further enhance its corporate value and contribute to society."

Under the new management structure scheduled to start on Friday, the majority of its board will consist of members of the consortium, including Chubu Electric Power Co. and Orix Corp., while President and CEO Taro Shimada will continue to serve in his current role.

0.13201093673706