Salem Radio Network News Wednesday, May 18, 2022

Business

Toshiba delays unveiling of board nominations for June meeting

TOKYO (Reuters) – Toshiba Corp said on Friday it has delayed announcements on board director nominations as it needs more time to finalise them.

The Japanese industrial conglomerate was scheduled to announce the board nominations on Friday for its annual shareholders meeting in June.

The company has been locked in a years-long battle with some of its major shareholders over its direction, and it set up last month a special committee to solicit potential buyout offers after shareholders voted down a management-backed restructuring plan.

Investors are awaiting the nominee’s name for the board’s new chair as current Chairman Satoshi Tsunakawa was appointed on an interim basis.

Tsunakawa has served since shareholders last year rejected the re-election of the then chairman after its management was found to have colluded with the Japanese government to put pressure on foreign investors.

(Reporting by Makiko Yamazaki and Sam Nussey; Editing by Himani Sarkar and Uttaresh.V)

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