Toshiba to have new president in June amid crisis

Special Report:Global Financial Crisis

TOKYO, March 18 (Chinese media) -- Toshiba Corp. said Wednesday it will promote Norio Sasaki, corporate senior executive vice president, to president and CEO in late June, replacing Atsutoshi Nishida in a bid to better cope with the economic slump.

The appointment is subject to approval by the board meeting following the ordinary general meeting of the shareholders, the company said in a statement.

Concurrent with the election of the new president and CEO, Nishida will become Chairman of the Board of Toshiba Corporation in late June. The current Chairman, Tadashi Okamura, will become an Advisor to the Board.

Sasaki joined Toshiba in 1972 after he graduated from Tokyo's Waseda University in Mechanical Engineering department.

Toshiba is cutting 4,500 jobs and slashing investment as it sees a net loss of 280 billion yen (2.8 billion dollars) in the current financial year to March.

The leadership reshuffle came after other Japanese electronics giants including Panasonic and Sony announced similar management reshuffle amid the global downturn.