Toshiba’s current CEO Atsutoshi Nishida, 65, will become chairman.  The head of the infrastructure systems group at Toshiba Norio Sasaki, 59, will become the CEO as long as shareholders approve.  Tadashi Okamura, the current Chairman of the company will become a board adviser.

When Nishida became President in 2005, he had really opened up the company’s wallet.  For example, Toshiba bought a majority ownership in Westinghouse in 2006 for $3.7 billion.  Last month the company agreed to buy out Fujitsu’s hard drive business.  The company also invested billions in flash memory chip production under Nishida’s watch.

These financial transactions caused the company to become overstretched.  But investors expect Toshiba to raise additional funds by issuing new shares in the near future.

Earlier this month, Toshiba announced the world’s thinnest smartphone and introduced a new line of Portégé Tablet PCs.

[via WSJ]