Toshiba Announces Appointment of New Chairman and Reappointment of President

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Tokyo—The Board of Directors (the Board) of Toshiba Corporation (TOKYO: 6502), meeting today, resolved to appoint Mr. Nobuaki Kurumatani for the post of Representative Executive Officer and Chairman of Toshiba Corporation, as of April 1, 2018. The Board has also decided to reappoint Mr. Satoshi Tsunakawa to his current position of Representative Executive Officer and President of the Company after the ordinary general meeting of the shareholders scheduled for June this year. Mr. Kurumatani as Chief Executive Officer (CEO), and Mr. Tsunakawa as Chief Operation Officer (COO) will together execute the management of Toshiba Group.

The appointments of Mr. Kurumatani and Mr. Tsunakawa as Directors of the Board are subject to approval by the ordinary general meeting of the shareholders.

Toshiba Group is currently engineering major transformations to its business portfolio and capital formation. In order to continue its commitment to contributing to a sustainable society through its business and technology, the Group must effectively secure a strong financial platform, and nourish the businesses that will drive future growth. In executing these objectives, the Board recognizes that Toshiba must proactively take in outside perspectives and views, and decided to appoint a CEO with a proven track record of achievement and a business perspective shaped outside Toshiba Group. The new Chairman, as CEO, will be responsible for strategies for growth in the medium- to long-term and public relations; at the same time, the Representative Executive Officer and President will act as CCO for execution of business operation. The Board believes that this approach will best meet the interests of Toshiba Group and its management structure.

Mr. Kurumatani is currently the President of CVC Asia Pacific Japan (CVC), and a member of Sharp Corporation’s Audit & Supervisory Committee. Prior to joining CVC in May 2017, he was Deputy President and a Director of Sumitomo Mitsui Financial Group, where his career was devoted to corporate planning, public relations and internal auditing. He has also served as a member of the committee on corporate accounting and corporate governance at Keidanren, the Japan Business Foundation, and also currently is a member of a number of committees and councils of the Keizai Doyukai, the Japan Association of Corporate Executives, where he works with multiple Japanese government ministries, including the Ministry of Finance, the Ministry of Economy, Trade and Industry, and the Ministry of Health, Welfare and Labor. Mr. Kurumatani was born in 1957, and graduated from The University of Tokyo with a bachelor’s degree in Economics in 1980.

Commenting on his appointment as Representative Executive Officer and Chairman and CEO, Mr. Kurumatani said, “I am honored and delighted to accept this appointment, and deeply aware of the challenges I face. I will draw on all my experience and devote all my efforts to rebuilding Toshiba Group, by recovering and strengthening its financial base. I will reexamine the business portfolio and allocate necessary resources needed, and also inject a spirited commitment into the Group’s activities to improve its governance structure and rebuild its corporate culture by driving forward Group unity.

“The past few years have not been easy for Toshiba, but I have every confidence that overcoming all the difficulties it has faced will shape a stronger Toshiba Group. This company has a long and impressive history of creating new technologies and turning them into massive businesses, and I see my most important responsibility as reactivating this cultural DNA, and bringing all management resources together to focus on reviving Toshiba.”

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