In a recent development, the CEO of Toshiba, a prominent Japanese industrial conglomerate, has committed to rejuvenating the company’s prospects under a restructured board of executives.

Toshiba recently faced challenges leading to its delisting from stock exchanges in Japan, a move prompted by its acceptance of a buyout from the investment fund Japan Industrial Partners. The company has been grappling with issues since 2015 when accounting irregularities were uncovered.

On Friday, Toshiba unveiled a new management team, with Shimada Taro retaining his positions as President and CEO. Notably, a significant presence on the board is now occupied by senior officials from the investment fund.

Shimada highlighted that Toshiba had encountered difficulties progressing under the previous leadership, as decisions were consistently rejected at shareholders’ meetings. With the recent delisting, he expressed confidence that the company could now overcome these challenges.

The CEO outlined Toshiba’s strategic focus on achieving growth in the realm of “power semiconductors,” particularly those utilized in electric vehicles and data industries. He emphasized that the new leadership aims to bring stability and concentrate on advancing the company’s interests.

Addressing the financial implications of delisting, Shimada disclosed that costs amounting to about 2 trillion yen, equivalent to 14 billion dollars, were incurred. Regarding the company’s workforce, he expressed an intention to reduce it, although specific decisions have yet to be finalized.

This commitment to revitalization and strategic growth marks a new chapter for Toshiba as it navigates changes in leadership and charts a course towards stability and prosperity.