Toshiba CEO promises turnaround in 5 years, beefed up ethics

Toshiba Corp., Chairman and CEO Nobuaki Kurumatani speaks during an interview at the company's headquarters in Tokyo, Tuesday, April 3, 2018. Kurumatani, the outsider tapped to lead scandal-tarnished Japanese electronics company Toshiba Corp., is promising a turnaround in five years by reshaping its operations and boosting profitability. (AP Photo/Shizuo Kambayashi)

TOKYO - Nobuaki Kurumatani, the outsider tapped to lead scandal- tarnished Japanese electronics company Toshiba Corp., is promising a turnaround in five years by reshaping its operations and boosting profitability.

Kurumatani, the first outsider to be appointed chief executive at Toshiba in more than a half century, acknowledged the system of governance and risk management had been weak. He stressed he brought to the company his experience in the financial sector, where compliance controls were tougher.

Toshiba has been embroiled in an accounting scandal involving massive doctoring of books.

"I feel that the organization is determined to change," Kurumatani told reporters Tuesday at Toshiba's Tokyo headquarters.

photo Toshiba Corp., Chairman and CEO Nobuaki Kurumatani speaks during an interview at the company's headquarters in Tokyo, Tuesday, April 3, 2018.