Toshiba Nominates Representatives of Elliott, Farallon to Board -- Update
May 26 2022 - 4:14AM
Dow Jones News
By Kosaku Narioka
Toshiba Corp. said Thursday that it is nominating seven new
director candidates, including representatives of major
shareholders Elliott Management Corp. and Farallon Capital
Management LLC.
The Japanese industrial company said it is proposing that
shareholders elect Nabeel Bhanji, senior portfolio manager of
Elliott Investment Management, and Eijiro Imai, managing director
at Farallon Capital Japan, to the board.
"Having shareholder representatives join the board strengthens
the alignment between shareholders and management," Toshiba said in
a statement.
Toshiba also said it is inviting Akihiro Watanabe, chairman of
merger advisory Houlihan Lokey K.K., to become chair of the board
and named four other board candidates.
Toshiba is scheduled to hold a shareholders' meeting on June 28.
The number of directors is set to increase to 13 from 8 if all
candidates are approved by the shareholders.
Toshiba said that board chair Satoshi Tsunakawa and board member
Mamoru Hatazawa are expected to retire as directors.
The meeting comes after Toshiba earlier this month said that it
is discussing strategic options, including a possible buyout, with
potential investors. Toshiba has decided to solicit proposals for
restructuring options after the company's own plan to break itself
into two parts was rejected by shareholders.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
May 26, 2022 03:59 ET (07:59 GMT)
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