Toshiba to split into 3 firms as shareholder pressure mounts

Toshiba Corp. said Friday it will split into three listed firms by the end of fiscal 2023, in a major overhaul of the embattled Japanese conglomerate facing intense pressure from foreign activist shareholders.The rare reorganization of the behemoth, with a history spanning over a century, would result in two spinoff firms focusing on infrastructure and devices, and the remaining company holding stakes in chipmaker Kioxia Holdings Corp. and Toshiba Tec Corp.The split-up marks the end of a chapter for household name Toshiba, once known for its consumer electronics. It is seen as an attempt to…READ FULL ARTICLE