Toshiba to Split Into Three Companies After Years of Scandal

guest · Nov 12, 2021

Toshiba to Split Into Three Companies After Years of Scandal
Activist shareholders had been campaigning for the split.
November 12, 2021
https://gizmodo.com/toshiba-to-split-into-three-companies-after-years-of-sc-1848044875

Electronics giant Toshiba will split into three different companies after years of scandals, according to a press release from the Japanese company on Friday. The move comes after activist shareholders lobbied for the change following several idiotic moves, including a plan to falsify financial documents which saw the company pay out a record fine in 2015.

The three companies will include Infrastructure Service Co., which plans to hold Toshiba’s Energy Systems & Solutions, Infrastructure Systems & Solutions, Building Solutions, Digital Solutions, and Battery businesses; Device Co., which includes Toshiba’s Electronic Devices & Storage Solutions business; and Toshiba, which will hold on to the company’s ownership stake in Kioxia Holdings Corporation.
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The split is supposed to happen in the second half of 2023, according to Toshiba, and was approved unanimously by the company’s board.

As Yahoo News notes, there have been quite a few scandals plaguing Toshiba in recent years and the business model of gigantic conglomerates has fallen out of favor.
From Yahoo: [...]
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guest · Nov 14, 2021

Toshiba's top shareholder says undecided whether to support breakup
November 13, 2021
https://www.reuters.com/technology/...undecided-whether-support-breakup-2021-11-13/

Toshiba Corp's (6502.T) biggest investor Effissimo Capital Management said on Saturday it has not decided whether to support plans outlined by the Japanese industrial conglomerate to split into three companies.

Toshiba outlined plans on Friday to split into three companies in an attempt to appease activist shareholders calling for a radical overhaul of the Japanese conglomerate after years of scandals. read more
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Toshiba declined to comment on the Effissimo statement. "We hope to hear sincere opinions from shareholders after we explain thoroughly to seek their understanding about the plans," it said in a emailed statement.
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