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Toshiba's new management team is determined to regain your trust

Toshiba Corporation expresses sincere apologies to our shareholders, customers, business partners and all other stakeholders for any concern or inconvenience caused by issues relating to the appropriateness of its accounting.

Following the September 30 Extraordinary General Meeting of the shareholders, Toshiba now has a new management team in place. Our immediate aims are to regain trust and revitalize the company. We are responding resolutely to the discovery of inappropriate accounting by enhancing internal controls. In October, we initiated wide ranging reforms of our corporate governance, including establishing an Internal Audit Division, and an Audit Committee composed entirely of outside directors. At the board level, we have reinforced oversight of top management and operations by appointing a majority of outside directors. Going forward, we will continue to implement necessary measures, while working to fulfill our social responsibilities through business activities that place the highest priority on human life, safety and compliance.

In an environment where the only certainty is change at an ever faster pace, we must overcome many complex problems, including population growth, resource depletion and the ever-growing need for energy. As we restructure Toshiba Group as a forward-looking, globally competitive organization, we will seek to contribute to society and overcome these issues. We will focus on three main business domains, Energy, Storage and Healthcare, and channel our energy into creating value that our customers need today. We will also grow the seeds that will become next generation solutions, taking advantages of our strengths in hydrogen-based energy systems, in power electronics that can make great contributions to energy saving and other areas.

Through its new organization, Toshiba Group as a whole will make an united effort to regain the trust of its stakeholders, including customers and shareholders and the public. As we do so, I ask for your understanding and ongoing support.

Masashi Muromachi
Representative Executive Officer
President and CEO

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