Toshiba has appointed a new CEO from its own ranks. The outfit will promote Hisao Tanaka, a long-time manager of procurement and manufacturing at its consumer electronics division, to chief executive at the end of June, the company said.

Tanaka is a 40-year veteran of Toshiba and currently a corporate senior executive vice president. He will take over from Norio Sasaki, who will move to a newly created role of vice chairman after completing a regular four-year term as CEO. Gone are the days when former CEO’s were expected to take the honourable way out in the office car-park after writing a haiku about the transience of life.

The appointments are expected to be officially approved by the board in June. Toshiba, Japan's leading chipmaker employs more than 200,000 people worldwide.