Hitachi's new president Hiroaki Nakanishi told the Financial Times that management was partly to blame for the organisation's struggles in the past, along with having "over-extended" itself by trying to push into too many areas of the industry.
He is quoted as saying: "In businesses where the model changes rapidly, our management decisions didn't fit."
Mr Nakanashi pointed to the company's semiconductor operations which covered processes from design to manufacturing at a time when specialist competitors were establishing themselves in the sector.
Now, Hitachi is said to be focused on greener technology including building passenger trains and producing batteries for electric cars.
In its corporate mission, the firm states that it will "strive to help achieve a society of comfort and abundance as the ultimate solutions partner".
