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From: Sam6/28/2022 10:54:47 PM
   of 4823
 
Activist investors join Toshiba board to pave the way to sale
Appointments said to 'strengthen the alignment between shareholders and management'
Dan RobinsonTue 28 Jun 2022 // 12:30 UTC

Toshiba has appointed two directors from activist hedge funds to its board in a move that could tip the balance in favor of a sale that would take the company into private ownership.

Shareholders of the Japanese conglomerate voted their support for all 13 director nominations recommended by the company during the annual general meeting of shareholders held on June 28 in Tokyo.

This included two directors from hedge fund investment companies, a contentious move that led to the resignation of external director Mariko Watahiki, a former high court judge, who reportedly objected to their appointment on the grounds that it skewed the membership of the board towards activist investors.

The two directors in question are Eijiro Imai, managing director at Farallon Capital Management, and Nabeel Bhanji, senior portfolio manager at Elliott Management. Also coming from the investment world is Akihiro Watanabe, a managing director at US investment bank Houlihan Lokey, who has been appointed chairman of the board.

continues at theregister.com
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