Activist shareholders Elliott Investment Management and Farallon Capital are set to each nominate a board member at Japan’s scandal-plagued Toshiba.
The nominees for non-executive board directors are Eijiro Imai, managing director of Farallon’s Japanese unit, and Nabeel Bhanji, an executive at Elliott.
“We are pleased to augment our board with these individuals,” Raymond Zage, board nomination committee chair, said.
The new board members are expected to usher a new era for the storied Japanese conglomerate as it seeks to restructure and plot its strategic future.
“The board believes these appointments will help strengthen Toshiba’s alignment with its shareholders, enhance corporate governance, and ensure that the previously announced examination of strategic alternatives is conducted transparently and optimally.”
The new blood could mark a turning point for the company, especially as Satoshi Tsunakawa, a former Toshiba CEO who has opposed reforms at the 146-year-old company, will step down.
The candidates will be formally selected at an annual meeting scheduled for June.
Toshiba’s new board chairman is likely to be Akihiro Watanabe, an executive at the Japanese unit of global mergers and acquisitions advisory firm Houlihan Lokey.
“Having Mr Watanabe join will help provide the board with invaluable experience and expertise in evaluating strategic alternatives, which may include the execution of highly complex transactions across multiple geographies and regulatory environments,” Toshiba said in a statement.
- George Russell