(Reuters) — Toshiba (TYO:6502) swung to a 1st-quarter loss on weak PC and TV sales, raising pressure on its new CEO to speed up a business revamp in addition to improving governance after a $1.3 billion accounting scandal. The laptops-to-nuclear power conglomerate today reported an April-June operating loss of ¥10.96 billion ($91 million), compared with a ¥47.7 billion […]
Toshiba
Toshiba posts net loss, plans restructuring after scandal
(Reuters) — Toshiba (TYO:6502) booked a net loss for the past financial year and pledged a bold restructuring, raising hopes it was finally moving beyond a $1.3-billion accounting scandal. The submission of its books, twice postponed due to its accounting woes, helped to allay concerns among some investors that the laptops-to-nuclear power conglomerate risked a delisting if […]
Toshiba delays annual report by a week
Toshiba (TYO:6502) delayed reporting its annual fiscal earnings again, filing for a week extension from the previously set deadline of August 31st as it continues to wrestle with an internal accounting scandal. The company apologized for the delay in a press release and rescheduled with a new date of September 7th. The delay was a result […]
Toshiba expected to report net loss for fiscal year
Toshiba Medical Systems (TYO:6502) is slated to report earnings in the red for the last fiscal year, according to a Nikkei business daily report. The company had originally projected a profit of $964 million (¥120 billion) for the fiscal year, but withdrew the expectations in May and has delayed its earnings announcement. The company is also […]
Toshiba slashes CEO’s pay by 90%
(Reuters) — Toshiba (TYO:6502) said it would slash its interim CEO’s monthly salary for the next 2 months by 90%, including previously announced cuts, following revelations of improper accounting at the Japanese conglomerate. The company said yesterday that it would reduce Masashi Muromachi‘s monthly salary by 50%, on top of the 40% cut already in place. It said […]
Toshiba interim CEO Muromachi to stay on | Personnel Moves
Toshiba (TYO:6502) proposed the company keep interim CEO Masahi Muromachi on as permanent chief exec after 8 officials resigned due to their roles in an accounting scandal, Japanese media reports. Last week, Toshiba said former board chair Muromachi would temporarily take the reins as chief exec after an independent probe found former CEO Hisao Tanaka was aware […]
Ex-Toshiba auditor to step down from government panel
(Reuters) — The former chairman of Toshiba‘s (TYO:6502) audit committee plans to step down from his role on a government accounting panel, a source familiar with the matter said today, in the latest fallout from the $1.2 billion book-keeping scandal at the Japanese industrial conglomerate. Makoto Kubo resigned this week from his job as a director […]
Toshiba ditches Kone elevator biz for $943m
Toshiba (TYO:6502) today said it closed a deal worth nearly $943 million for its Kone Corp. elevator and escalator business, as it looks to recover from a $1.2 billion accounting scandal that’s already claimed it senior management team. The Japanese conglomerate said the €35.75-per-share deal, valued at €864.7 million, is expected to yield profits of about $102.9 million […]
Toshiba probe finds top execs involved in company-wide scandal
(Reuters) — A panel investigating an accounting scandal at Toshiba (TYO:6502) has found that top executives were involved in improper practices, confirming the institutional nature of the abuses, a person directly involved in the investigation said today. Improper accounting, extended across virtually all business areas of the semiconductor-to-nuclear conglomerate, was part of Toshiba’s “corporate culture,” the person […]
Toshiba contests Reuters report on expected losses
Toshiba (TYO:6502) today contested a Reuters report that it plans to take a $2.4 billion hit from an accounting scandal that could spell the end of CEO Hisao Tanaka’s tenure. Reuters yesterday cited unnamed sources “familiar with the matter” who said the Japanese conglomerate overstated profits by more than ¥170 billion ($1.2 billion) – more than triple its initial, ¥50 billion estimate. […]
Report: Toshiba CEO Tanaka to step down over accounting scandal
(Reuters) — Toshiba (TYO:6502) CEO Hisao Tanaka will step down in September, along with other board members including vice chairman Norio Sasaki, to take responsibility for accounting irregularities, sources familiar with the matter said. The Japanese conglomerate hired a 3rd-party committee to investigate past bookkeeping practices which sources say led to profits being overstated by more than […]