Toshiba Corp. will seek shareholder approval of a new board chair before the year's end, CEO Satoshi Tsunakawa said Thursday, as the industrial conglomerate scrambles to restore trust after its alleged collusion with the government.
Disgruntled Toshiba shareholders voted out former board chairman Osamu Nagayama and another outside director responsible for oversight in June after an independent investigation concluded that Toshiba had sought government help to prevent foreign activist shareholders from influencing the board.
Speaking at a news conference, Tsunakawa acknowledged that the general shareholders meeting last year was not conducted fairly, a conclusion by the investigation that looked into behind-the-scenes collaboration with the government in the run-up to the annual gathering.