Toshiba set to replace president

Norio Sasaki

TOKYO: Japan's Toshiba Corp said on Wednesday, 18 March 2009, that it was appointing a younger new president, Norio Sasaki, to take the reins of the loss-making high-tech giant. Sasaki, who is 59 and currently a vice president at Toshiba, will replace 65-year-old Atsutoshi Nishida in June, subject to shareholder approval, the company said in a statement. The electronics and engineering giant is cutting 4,500 jobs and slashing investment as it braces for a net loss of 280 billion yen (US$2.8 billion) in the current financial year to March.