Four Toshiba executives were fired after an emergency board meeting

Four senior Toshiba executives, including two board members, were forced to step down after a four-hour emergency board meeting on Sunday.

The meeting, which pushes one of Japan Aponia’s most popular industry names even deeper into a governance crisis, followed last week’s publication. damn report Collaborate with the government to pressure activist investors.

In: 147-page independent report, drawn up by outside lawyers, sparked an unprecedented shareholder outcry, detailing the “dark arts” campaign launched by Toshiba նախարարության officials at the Ministry of Economy, Commerce and Industry (Meti). The statement added that the campaign was carried out with the knowledge of the then Secretary of Government and now Prime Minister Yoshihide Suga, a claim which he rejected.

The content of the presentation terrified several Toshiba board members. In a joint statement on Friday, four of the non-executive directors said that management and the board had taken actions that were “unacceptable and directly contrary to the interests of our shareholders.” In a rare act of rebellion, they said they no longer supported the nominee for directors nominated by Toshiba at its June 25 annual shareholders’ meeting.

The same four board members on Sunday issued a statement saying that they are happy to say that [Osamu] Today, Toshiba announced a number of possible Nagayama changes.

However, several major Toshiba shareholders have said in private that they believe the situation calls for the resignation of the board chairman, a position that could gain momentum as investors ponder whether to vote against Nagayama’s other directors. Throughout the Toshiba board. Հ Մ Թ.

Among the four ousted Toshiba executives is the head of the audit committee, the second member, who had previously misled the board into concluding that there was no illegality in connection with the company’s 2020 shareholders’ meeting. In the opinion of those close to the situation, Sunday’s board meeting discussed whether all members of the audit committee should have the qualification of the least qualified accountant (CPA).

The introduction clearly stated թվում among the four leaders who are now forced to step aside were Masahari Kamo և Masayasu Toyoharan. Both executives had a direct relationship with the ministry. According to investigators, Tuyohara asked the government to “beat” its most troubling shareholders.

Who was Kamo? poaching Only last year from McKinsey, he was considered the CEO, who was on the turning point of the group after the accounting and financial crisis.

The report focused on Toshiba 2020 AGM, during which the company’s largest investors made an effort to vote for then-Toshiba CEO Nobuaki Kurumatani. He had a hard time surviving the vote, but according to an independent report, it was “not conducted fairly” through a process.

Kurumatani resigned in AprilFocusing investors on the board’s promise to appoint a Strategic Review Committee (SRC) to help the company overcome its crisis. One of the committee’s most pressing issues, which the two largest investors told FT, will be assessing the company’s potential bids from private equity firms after a $ 20 billion acquisition of CVC.

Despite calls from both board members and investors on Sunday to announce the names of Toshiba SRC members, people close to the situation said it had not yet happened.

In his first official announcement Despite the release of the report, Toshiba said on Sunday that it would take action to address the root causes of the 2020 AGM issues.

“We will clarify our responsibilities, take appropriate action to prevent recurrence, and use this experience to increase the transparency of our governance,” Toshiba said in a statement.

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