Japan's Toshiba unveils plans to split into two companies, revising its earlier proposal to divide into three
Japan's Toshiba has announced plans to split into two companies, revising a controversial proposal to divide into three following a tumultuous period for the storied industrial conglomerate.
Shareholders, who have clashed with management on the best way forward for the troubled company, must still approve the proposal in a vote expected in March. The original spin-off plan faced stiff opposition from some key investors. "We believe a spin-off is optimal," president and CEO Satoshi Tsunakawa told investors, promising it would "enable more agile and flexible operations."
Toshiba initially unveiled a plan to split into three last November, in what analysts called a test case for other Japanese giants.
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