Toshiba Board Chairperson Apologizes
Japanese industrial conglomerate Toshiba has dropped four senior officials nominated for board and executive positions. The move comes days after an independent panel concluded that a shareholders meeting last year was not conducted fairly.
Toshiba held an extraordinary board meeting on Sunday to discuss how to respond to the report released by lawyers appointed by the company's top shareholder.
The outgoing officials include two members of the audit committee which had found no problem with the shareholders meeting.
The other two are senior executives the independent panel found were involved in colluding with the industry ministry to obstruct a proposal from the top shareholder.
On Monday, the chairperson of Toshiba's board, Nagayama Osamu, apologized for causing concern to stakeholders.
Nagayama explained the firm's plan to work with third parties to look into the root cause.
He said the probe will also examine the responsibility of Toshiba's former president and CEO Kurumatani Nobuaki.
Nagayama said, "Kurumatani's role in causing the current management turmoil and undermining the trust of shareholders cannot be ignored."
Nagayama also said Toshiba will hold an extraordinary shareholders meeting to select new board members.