Toshiba is the latest company splitting up, with plans to split into three separate companies.

Once one of the most influential tech companies, Toshiba has had a number of missteps, scandals, and general mismanagement over the last several years. The company is now splitting into three companies in an effort to respond faster to the growing challenges companies face.

The separation allows each business to significantly increase its focus and facilitate more agile decision-making and leaner cost structures.

The three separate business will be Infrastructure Service Co., Device Co and Toshiba, which will hold its shares in Kioxia Holdings Corporation (KHC) and Toshiba Tec Corporation. The company plans to complete the split by the second half of fiscal 2023.

“Over our more than 140 year history, Toshiba has constantly evolved to stay ahead of the times,” said Satoshi Tsunakawa, Interim Chair, President and Chief Executive Officer of Toshiba. “Today’s announcement is no different. In order to enhance our competitive positioning, each business now needs greater flexibility to address its own market opportunities and challenges. We are convinced that the business separation is attractive and compelling: it will unlock immense value by removing complexity, it enables the businesses to have much more focused management, facilitating agile decision making, and the separation naturally enhances choices for shareholders. Our Board and management team firmly believe that this strategic reorganization is the right step for sustainable profitable growth of each business and the best path to create additional value for our stakeholders. We are grateful for the Strategic Review Committee’s thorough evaluation and recommendation on our best path forward.”

Toshiba’s news comes on the heels of GE announcing it is splitting into three companies, roughly a year after IBM announced it would split in two.