Toshiba nominates new chief executive officer

Japan's Toshiba said it had nominated Satoshi Tsunakawa, a former head of its medical equipment division, to be its next chief executive officer - a move that it hopes will draw a line under a damaging accounting scandal.

Tsunakawa, who was not embroiled in the scandal, is credited with having increased earnings at the medical equipment unit, which it recently agreed to sell to Canon.

The appointment will be formally decided after a shareholders’ meeting in late July.

Current chief executive Masashi Muromachi had stepped in to take on the position after the scandal broke but had not planned on doing the job long term. He will become a special adviser.

Senior executive vice president Shigenori Shiga was nominated to become chairman.

A news conference will be held later in the day.

Reuters