CEO says each business needs greater flexibility to address its own market opportunities and challenges
Toshiba's headquarters in Tokyo, Japan, April 7 2021. Picture: Picture: KIYOSHI OTA/BLOOMBERG
The company also plans ¥100bn for shareholder returns over two years. It plans to monetise its stake in Kioxia and “return net proceeds in full to shareholders.” Activists led by Effissimo Capital Management began circling as losses mounted. They pushed for a shake-up of the company’s board, including a resolution to get Effissimo co-founder Yoichiro Imai a position as director.
Firms typically reject such calls for change, saying keeping businesses together helps them weather downturns and societal shifts. Sony Group, for example, insists it was able to achieve highest-record profit due to strong PlayStation units even when its sensor unit took a hit from a drop in orders from China’s Huawei Technologies.
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