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  HOME | Business & Economy (Click here for more)

Toshiba Names Japanese Head of Venture Capital Firm as President

TOKYO Japanese conglomerate Toshiba named Nobuaki Kurumatani, the current head of CVC Asia Pacific Japan the Japanese branch of the British venture capital firm CVC Capital Partners , as its CEO on Wednesday.

Kurumatani, who served as vice president and director of the Japanese financial group Sumitomo Mitsui before joining CVC in May 2017, will replace Satoshi Tsunakawa, who will maintain his position as president of electronics and infrastructure of the Japanese multinational, according to a Toshiba statement.

With the appointment as CEO of Kurumatani, 60, Toshiba hopes to reinforce its management, especially after the sale of its memory chip business to the consortium led by American venture capital firm Bain Capital in an attempt to ease its financial woes.

Kurumatani will assume his position at the forefront of Toshiba from April onwards, where he will be responsible for growth strategies for the middle and long term, as well as public relations, according to the company statement.

Kurumatani is an Economics graduate from the University of Tokyo and during his professional career he has accumulated experience in public relations, corporate planning and internal auditing.

In the statement, Kurumatani expressed gratitude for the confidence invested in him and said he would dedicate his experience towards the reconstruction of Toshiba and recovering its financial base, as well as taking measures to improve management and achieving unity in the group.

The announcement of the new CEO came the same day that Toshiba announced its financial results for the April-December period of 2017 the first nine months of the Japanese financial year during which the company recorded a net profit of 27 billion yen ($251.5 million).

 

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