Toshiba CEO to leave within 3 years, plans job cuts

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Toshiba Corp may lay off staff in its underperforming home appliances, TV and PC businesses and seek partnerships for
its nuclear operations to overhaul the company after a $1.3 billion accounting scandal, its chief executive said on Thursday.

"The latest accounting problems might have been driven by the fact that some of our businesses have lost earnings power. We must urgently take action in these businesses," Chief Executive Masashi Muromachi told a roundtable of reporters.

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Muromachi, who took over as chief executive in June after Toshiba revealed one of the worst accounting scandals in Japanese history, also told reporters that he plans to step down within three years.

As part of its overhaul, Toshiba has launched a new management team, which won approval from shareholders on Wednesday.