By Makiko Yamazaki
TOKYO (Reuters) -Toshiba Corp’s board said on Friday its strategic review committee would identify core and non-core businesses and soon make recommendations to the board on the strategy of the scandal-hit Japanese conglomerate.
The statement by the Toshiba board updates a pledge it made in late June that the newly formed strategic review committee would undertake a full review of current assets and also engage with potential strategic and financial investors.
The company has been in deeper turmoil since shareholders last month ousted the chairman of the board https://www.reuters.com/business/pivotal-toshiba-shareholder-vote-future-board-chairman-begins-2021-06-25 in a powerful rebuke to the company, which was found to have colluded with the Japanese government to put pressure on foreign investors.
The initial focus of the strategic review committee has been on a full review of Toshiba’s businesses, which, when complete, “will facilitate the identification of core and non-core businesses,” the statement said.
The group is large and complex, with many lines of business and subsidiaries, operating in many jurisdictions and subject to numerous regulatory considerations, it noted.
But “it is hoped that, in conjunction with the management team, the strategic review committee will soon be able to make recommendations to the board on Toshiba’s strategy,” the statement said, without giving any time frame.
(Reporting by Makiko Yamazaki; editing by Jason Neely and Steve Orlofsky)