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Turmoil continues at Toshiba

CEO Satoshi Tsunakawa has abruptly resigned, apparently because he did not agree with reorganization plans, according to Reuters News Services

named Taro Shimada as interim CEO (formerly from Siemens AG)
company will continue to pursue its current break-up plan as it had been approved by the board
Mamoru Hatazawa, a board member, also left
"The split plan will be reviewed - we think there is a chance it is scrapped," said Justin Tang, head of Asian research at investment advisor United First Partners in Singapore
An extraordinary general meeting that will seek initial shareholder approval for the revised breakup plan has been set for March 24
Shareholders will also vote on a major shareholder's proposal that Toshiba explore other options and solicit buyout offers from private equity firms. read more

3/8/229:17 PM

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