Toshiba Corp. said it would split into three separate companies as part of an effort to improve shareholder value, responding to pressure from activists after years of scandal and mismanagement.
The Tokyo-based company said it will separate core operations into two new publicly traded companies, one for infrastructure services and another for technology devices. The remaining Toshiba business will hold its stakes in memory chip pioneer Kioxia Holdings Corp. and Toshiba Tec Corp. The goal is to complete the spinoffs by the second half of fiscal 2023.
