New chief executive is taking over vastly streamlined conglomerate with most of its revenues and employees overseas
Hitachi’s new chief executive Toshiaki Tokunaga, announced on Monday, is facing high expectations and the challenge of further internationalising a standard-bearer for Japanese manufacturing whose shares have trebled in value over the past two years. Fifteen years ago, Hitachi was on the brink of bankruptcy after posting the biggest-ever loss for a Japanese manufacturer of $8bn. It had become a symbol of the Asian economy’s tired and unwieldy industrial conglomerates.
It will make up 41 per cent of core earnings this year despite only being set up in 2016. Pelham Smithers, an independent analyst, said that Hitachi’s turnaround had been “remarkable” but the changes went beyond the “peeling of the onion” by selling divisions, with Lumada developed so it could bring data analysis to traditionally analogue realms. “The likes of Tesla and Microsoft have evangelised monetising data.
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