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Toshiba Board Chairman Fails to Win Reappointment in Pivotal Shareholder Vote

Toshiba Board Chairman Fails to Win Reappointment in Pivotal Shareholder Vote

Shareholders at crisis-ridden Toshiba Corp voted out its board chairman and one other director on Friday, a forceful rebuke of the company after it was found to have colluded with the government in suppressing foreign investor interests.

For many, the result at the annual general meeting marks a new watershed moment for corporate governance in Japan after activist Toshiba shareholders prevailed earlier this year in securing a probe into the allegations of pressure on overseas investors.

But supporters of now former board chairman Osamu Nagayama say his failure to win re-election will only set Toshiba further back, depriving the industrial conglomerate, which has lurched from crisis to crisis since 2015, of experienced leadership.

A breakdown of the vote was not immediately disclosed. The newly elected board will meet later on Friday to discuss whom to nominate as the new chairman.

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