Toshiba Corp. announced that Masaharu Kamo, a former partner in McKinsey & Company Inc. Japan, joined the company on January 1, 2020, and that he will be appointed Executive Officer and Corporate Senior Vice President as of April 1.
He will oversee the company’s corporate planning and management strategy.
In the course of his diverse career background, Kamo has worked in a broad range of industries, and taken on managerial responsibilities in several companies over more than 20 years. He has worked as a consultant in different industries and businesses, and served several companies as an executive.
In promoting its transformational “Toshiba Next Plan,” Toshiba has completed the recovery of its financial base and is now shifting towards a new growth phase, toward becoming a cyber-physical systems (CPS) technology company.
Kamo’s participation and his role as Executive Officer and Corporate Senior Vice President will bring further diversity to the Group’s management.
“I am delighted to be part of Toshiba, which has strengthened its management base and now is heading for its next growth phase with Toshiba Next Plan. Toshiba already has exquisite technology, an established customer base and a highly regarded brand. It has an organization and people committed to delivering high value to customers. As I will take over responsibility for strategic planning as an executive from April, I am thrilled about the company’s bright future and possibilities. I very much want to contribute to Toshiba becoming one of the world’s leading CPS technology companies, together with people here as one team, honoring the company’s basic commitment, “Committed to People, Committed to the Future.””
Toshiba also announced that Mr. Nobuaki Kurumatani will remain in his current position of Representative Executive Officer, and will head Toshiba Group’s management team as President and Chief Executive Officer (CEO), effective April 1, 2020.
Kurumatani, 62, joined Toshiba in April 2018 after the electronics conglomerate decided to sell its crown-jewel memory unit to a consortium led by Bain Capital, in order to avoid delisting after billions of dollars of losses in its U.S. nuclear energy operations. Kurumatani restored Toshiba’s dividend and bought back 700 billion yen ($6.4 billion) worth of shares.
Mr. Satoshi Tsunakawa, currently President and COO, will become Chairman, and in that capacity responsible for promoting Toshiba Group’s external activities and presence. He will also monitor and supervise business execution as a Director.
Separately, Toshiba is currently pressing forward with plans to take over NuFlare Technology Inc., despite a higher competing offer for the provider of critical chipmaking equipment. Toshiba was already NuFlare’s biggest shareholder with 52.4% when it initiated the buyout. Toshiba Machine Co., an independent company that retains the former parent’s name and is the second-largest NuFlare stockholder, has said it will sell its 15.8% stake to Toshiba.