TOKYO – Japan’s Toshiba on Monday announced plans to split into two companies, revising a controversial proposal to divide into three following a tumultuous period for the storied industrial conglomerate.
The group said it plans to spin off its device segment, including its semiconductor business, in a bid to speed up decision-making and boost stock performance.
Shareholders, who have clashed with management on the best way forward for the troubled company, must still approve the proposal in a vote expected in March. The original spin-off plan faced stiff opposition from some key investors.
The firm also said it will unload its stake in air-conditioning business Toshiba Carrier and seek to sell its elevator and…
