From WSJopinion: After years of dodging its own faults, Toshiba has suddenly found itself with nowhere to run, writes josephsternberg
Japan Inc. transforms itself the way an Ernest Hemingway character goes bankrupt: gradually, then suddenly. Friday’s announcement by Toshiba , one of the country’s oldest conglomerates, that it wants to tear itself apart raises the tantalizing prospect that we may be entering a “suddenly” phase. Please, let it be true.
You might think this is merely part of a global trend. Toshiba’s announcement that it intends to split into three companies came in the same week that America’s General Electric and Johnson & Johnson publicized their own plans to separate their constituent parts. But Toshiba’s division is a much bigger deal, for the simple reason that a vigorous and unforgiving market for corporate control is normal in the U.S. Toshiba’s travails represent a relatively new phenomenon in Japan.
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