Tokyo - Scandal-hit Toshiba on Friday appointed a new president to steer the vast conglomerate past a huge accounting scandal that has hammered its reputation.
Company veteran Satoshi Tsunakawa, 60, a senior vice-president who joined Toshiba in 1979, will replace incumbent chief Masashi Muromachi in June, Toshiba said.
Read: Toshiba shares plummet
Muromachi became interim president in July last year after top executives resigned over the scandal.
The company on Friday also named a new chairman, saying that new leadership was crucial as Toshiba restructures its business.
“The decision was made on the basis that a series of business restructuring initiatives is on track, and that the company should move forward to focus on growth with a new management team,” it said.
A once proud pillar of corporate Japan, Toshiba has been besieged by problems, most notably a profit-padding scandal in which bosses for years systematically pushed subordinates to cover-up weak financial results.
Toshiba publishes its full-year earnings next week but it has already warned of a 470 billion yen ($4.4 billion) net loss for the last fiscal year as it booked a massive write-down of its US nuclear unit Westinghouse.
However, the shortfall is lower than a previous estimate of a 710 billion yen loss, partially offset by the sale of Toshiba's medical devices business to Canon.
AFP