Below shareholder strain, Toshiba board chairman vows to be ‘agent of optimistic change’ By Reuters


© Reuters. FILE PHOTO: The Toshiba Corp. logo. can be seen on February 13, 2017 in Kawasaki, Japan. REUTERS / Issei Kato / File Photo

TOKYO (Reuters) – Toshiba (OTC 🙂 Corp CEO Osamu Nagayama promised “an agent for positive change, not a protector of the status quo” in a letter to shareholders on Friday ahead of the conglomerate’s annual general meeting next week be .

“As chairman, my priority is to give Toshiba the leadership and leadership you deserve,” he said.

Shareholders have urged Nagayama to resign after an explosive independent investigation found that Toshiba had worked with the Japanese government to prevent foreign shareholders from influencing the board of directors.

In the statement, Nagayama reiterated its plans to begin a thorough search for additional independent directors, expedite the selection process for a new CEO, and set up a strategic audit committee immediately after the June 25 annual general meeting.

He also said the board has engaged Makinson Cowell, an independent global investor research firm, “to collect unreliable feedback in order to provide us with a broad and transparent range of shareholder opinions on key strategic decisions.”

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