Toshiba Corp. nominated an executive from M&A advisory firm Houlihan Lokey as chairperson and activist shareholders as outside directors on Thursday, in a board overhaul that could intensify pressure to take the conglomerate private.
Ahead of its annual shareholders meeting on June 28, Toshiba nominated Akihiro Watanabe, the founder of Japanese M&A advisory firm GCA Corp., which was recently acquired by U.S. investment bank Houlihan Lokey.
It also proposed Nabeel Bhanji, a portfolio manager at Elliott Management, and Eijiro Imai, managing director at Farallon Capital Management, would be given board seats, a potential turning point in a long battle between Toshiba and its activist shareholders.