Toshiba announced on March 1 that President and CEO Satoshi Tsunakawa and Vice President Mamoru Hatazawa would resign. Opposition within the company to its controversial restructuring plan is running high, which could lead to the cancellation of Toshiba's planned spin-off, according to people familiar with the matter.
Satoshi Tsunakawa will remain tentatively chief executive, but not for long, the report said. Former Siemens executive Taro Shimada, who only joined Siemens in 2018, will become the company's new interim head, and Goro Yanase, head of Toshiba's elevator business, will be named interim chief operating officer.
Toshiba's original plan to split the group into three faced strong criticism from foreign hedge fund shareholders. The revised plan last month also faced internal opposition, according to people familiar with the matter.
Toshiba said it believed the restructuring plan was the best option for the company, but declined to comment further.
"The split will be reconsidered - we think it's likely to be cancelled," said Justin Tang, head of Asia research at Singapore-based investment adviser United First Partners.
