Feb. 25 (Bloomberg) -- Toshiba Corp., the Japanese maker of products including flash-memory chips, elevators and nuclear reactors, may replace President Norio Sasaki after a shareholder meeting in June, an official at the company said.
Toshiba’s board may name Corporate Senior Executive Vice President Hisao Tanaka, 62, to take Sasaki’s place, the official said Feb. 23, asking not to be identified as the decision hasn’t yet been made. Sasaki would become vice chairman and Chairman Atsutoshi Nishida would retain his post, the person said.
Sasaki has headed the Tokyo-based company since June 2009, leading Toshiba to two consecutive years of profit after it reported a record 344 billion-yen ($3.7 billion) net loss in the year ended March 2009 amid a slump in demand for memory chips. The 63-year-old executive, who joined Toshiba in 1972, has focused on acquisitions and capital spending targeting chips, hard disks and smart grids to boost earnings.
Toshiba bought San Antonio-based energy technology management company Consert Inc. for more than 1 billion yen this month, it said Feb. 7. It acquired Swiss electronic-metering company Landis+Gyr AG in 2011 to boost its energy-management sales.
The Nikkei newspaper reported the planned change earlier. Toshiba isn’t the source of the report and no decision has been made, Atsushi Ido, a company spokesman, said by phone.
Tanaka joined Toshiba in 1973 and has held his current title since June 2011, according to the company’s website.
Toshiba posted a larger-than-expected profit for the three months ended Dec. 31 because of higher semiconductor prices, a weaker yen and rising sales of power equipment. Net income totaled 29.3 billion yen, the company said Jan. 31.
The company, the world’s second-biggest maker of flash memory, benefited from higher chip prices caused by production cuts, rising sales of mobile devices such as Apple Inc.’s iPads, and demand for gas-fired power stations following the 2011 Fukushima nuclear accident. The weaker yen boosted the value of overseas sales and assets.
Toshiba expects full-year net income of 110 billion yen, operating profit of 260 billion yen and 6.1 trillion yen of sales, it said Jan. 31. Toshiba has gained 22 percent in Tokyo trading this year after advancing 7 percent in 2012.
Toshiba is in talks to sell as much as 36 percent of its Westinghouse Electric atomic-power business after being forced to increase its stake in the unit to 87 percent. Toshiba was compelled to buy 20 percent of Westinghouse last month after Shaw Group Inc. used a push option to sell its stake.
--Editors: Terje Langeland, Paul Tighe