Toshiba Nominates Representatives of Elliott, Farallon to Board -- Update

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 [e-mail]

(END) Dow Jones Newswires

May 26, 2022 03:59 ET (07:59 GMT)

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