By KOICHI MURAKAMI/ Staff Writer
June 28, 2022 at 17:47 JST
Participants head to Toshiba Corp.’s shareholders meeting held in Tokyo on June 28. (Kenji Izawa)
Two executives from overseas hedge funds were approved as new directors at Toshiba Corp. on June 28, a move that further pushes proposals to take the troubled conglomerate private.
The decision at a shareholders meeting means that six of the 13 directors on Toshiba’s board are tied to activist investment funds.
Four re-elected directors were chosen in 2019 after the investment funds recommended them.
These funds have proposed that Toshiba buy out their stakes so that the company can go private.
Toshiba officials are considering such issues as acquisition price as well as how to come up with the money to complete the deal.
Mariko Watahiki, an outside director who formerly served as a judge of the Nagoya High Court, opposed the move to bring in the two new directors affiliated with overseas investment funds on grounds they would be biased toward certain shareholders.
But Watahiki herself was re-elected as a director.
Akihiro Watanabe, founder of GCA Corp., a consulting firm handling mergers and acquisitions, was approved to replace Satoshi Sunakawa as chairman of the board.
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