Head of the Japanese company Toshiba Masashi Muromachi will leave the company under its restructuring program, Toshiba reported in the statement.

The release said that the decision was made based on the fact that a number of business restructuring initiatives are already underway and that the company should move forward and focus on the growth of a new management team, RIA Novosti reported.

Executive vice president of the company Satoshi Tsunakawa will replace Muromachi in this position starting from June of this year.  Muromachi will become the executive adviser of Toshiba.

Toshiba was previously involved in a scandal related to the fact that the company overstated data on income in the financial statements and deducted money from bank accounts within six years.

In the case of error finding the company postponed the publication of the financial report several times for the 2014-15 fiscal year, and finally published it on September 7. It was recorded a net loss of 37.8 billion yen (318 million dollars) against a net profit of 60.2 billion yen (505.7 million dollars) a year earlier.

Scandal also led to a change of the three presidents in the company. As a result, Muromachi who was chairman of the board of directors was appointed the head of the company. He undertook a number of measures for restructuring of the company. So, Toshiba has already reduced thousands of workplaces and sold part of its semiconductor unit of Sony Corp., the entire medical business of Canon Inc. and most of its consumer department of the Chinese Midea Group Co.

Toshiba Corporation is the Japan's largest producer of schemes of random access memory of the computer. The company, founded in 1875 in Tokyo, is specialized in the production of ultraprecise electronics and electrical equipment — integrated circuits, industrial computers, cell phones, LCD TVs, elevators.