Toshiba to Appoint New Directors to Reform Corporate Governance

By Megumi Fujikawa

Toshiba Corp. Board Chairman Osamu Nagayama said Monday that the company will look for new directors after a probe found it worked with the Japanese government against foreign shareholders.

"We would like to invite new resources with experience and intelligence necessary to take a heavy responsibility to rebuild Toshiba to our board of directors from inside or outside of Japan," Mr. Nagayama said at a news conference.

Mr. Nagayama said Toshiba will engage with its shareholders and listen to their opinions closely in selecting new directors.

On Sunday, Toshiba said two executives and two outside directors would resign after a report by outside lawyers released last week found that the company and the Ministry of Economy, Trade and Industry cooperated to block foreign shareholders from gaining board influence.

Write to Megumi Fujikawa at [e-mail]

(END) Dow Jones Newswires

06-14-21 0202ET