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Toshiba’s chairman ousted at company’s general meeting

Toshiba’s chairman has been ousted by the company shareholders at a general meeting. 

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Toshiba’s chairman has been ousted by the company shareholders at a general meeting.

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Another director that was part of Toshiba’s audit committee, Nobuyuki Kobayashi, was also ousted during the vote by shareholders. The stakeholders claimed that the company involved Japanese officials to prevent shareholders from exercising their duties. 

The investigation was conducted by the officials against the chairman regarding capital management that holds 9.9% of Toshiba shares. At the start of the week, Nagayama penned an open letter stating his “deep regret” about Toshiba’s conduct and pledged to be an agent of positive change. Toshiba’s shareholders were not convinced by the chairman’s statement and hence voted against him.

Shareholders also voted on nine other board member nominees, with those nine being allowed to keep their place on the board. The voting tallies for each board member nominee were not disclosed, with Toshiba only revealing the voting outcomes. 

On the same day as the annual general meeting, Toshiba also reported it earned an operating income of ¥104 billion for the fiscal year ended March 2021, which was a ¥26 billion drop from the year prior. During the year, Toshiba also saw its employee count be cut by over 8,000 to 117,300.

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