Japan’s Toshiba CEO steps down amid restructuring efforts

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Japanese technology giant Toshiba has named a new chief executive as it seeks shareholder approval for a restructuring plan aimed at restoring its reputation and competitiveness. The company said Taro Shimada, an executive officer and senior vice president, would replace Satoshi Tsunakawa as chief executive. Toshiba was one of Japan’s most revered brands but it has been struggling since the Fukushima nuclear disaster in March 2011. Its reputation was tarnished, also, by a major accounting scandal. Toshiba plans to split into two companies, one focused on infrastructure and the other on devices. An extraordinary shareholders’ meeting is set for March 24.