The chief of embattled Japanese industrial giant Toshiba has pledged to revive the company's fortunes under a new board of executives.

The firm was recently delisted from stock exchanges in Japan after accepting a buyout from investment fund Japan Industrial Partners.

Toshiba has been mired in problems since accounting irregularities came to light in 2015.

The company launched a new management team on Friday, with President and CEO Shimada Taro retaining his posts. The majority of the board is occupied by senior officials of the fund.

Shimada said Toshiba had not been able to move forward because the previous leadership's decisions were rejected at shareholders' meetings.

He added that the problem will be resolved now that the firm has been delisted.

Shimada said Toshiba will aim for growth in the field of so-called "power semiconductors" used in electric vehicles and data industries.

He said the new leadership will bring stability and concentrate on the company's interests.

Costs related to Toshiba's delisting total about 2 trillion yen, or 14 billion dollars. Shimada said he hopes to reduce Toshiba's workforce but nothing has been decided.