Toshiba appoints Nobuaki Kurumatani as new Chairman, CEO

Benoit Bazin

Toshiba Corporation has appointed Mr. Nobuaki Kurumatani as new Chief Executive and Chairman of the company, effective from April 1, 2018.

The company Board also decided to reappoint Mr. Satoshi Tsunakawa as Chief Operation Officer (COO), and together they will together execute the management of Toshiba Group.

In the official statement, it was confirmed that their appointment as Directors of the Board are subject to approval by the ordinary general meeting of the shareholders.

The new Chairman, as CEO, Nobuaki Kurumatani will be responsible for strategies for growth in the medium- to long-term and public relations; at the same time, the Representative Executive Officer and President will act as CCO for execution of business operation. The Board believes that this approach will best meet the interests of Toshiba Group and its management structure.

Mr. Kurumatani is currently the President of CVC Asia Pacific Japan (CVC), and a member of Sharp Corporation’s Audit & Supervisory Committee. Prior to joining CVC in May 2017, he was Deputy President and a Director of Sumitomo Mitsui Financial Group, where his career was devoted to corporate planning, public relations and internal auditing. He has also served as a member of the committee on corporate accounting and corporate governance at Keidanren, the Japan Business Foundation, and also currently is a member of a number of committees and councils of the Keizai Doyukai, the Japan Association of Corporate Executives, where he works with multiple Japanese government ministries, including the Ministry of Finance, the Ministry of Economy, Trade and Industry, and the Ministry of Health, Welfare and Labor. Mr. Nobuaki Kurumatani was born in 1957, and graduated from The University of Tokyo with a bachelor’s degree in Economics in 1980.

Commenting on his appointment as Representative Executive Officer and Chairman and CEO, Mr. Kurumatani said, “I am honored and delighted to accept this appointment, and deeply aware of the challenges I face. I will draw on all my experience and devote all my efforts to rebuilding Toshiba Group, by recovering and strengthening its financial base. I will reexamine the business portfolio and allocate necessary resources needed, and also inject a spirited commitment into the Group’s activities to improve its governance structure and rebuild its corporate culture by driving forward Group unity.

“The past few years have not been easy for Toshiba, but I have every confidence that overcoming all the difficulties it has faced will shape a stronger Toshiba Group. This company has a long and impressive history of creating new technologies and turning them into massive businesses, and I see my most important responsibility as reactivating this cultural DNA, and bringing all management resources together to focus on reviving Toshiba.”