TOSBF - Toshiba cuts four senior executives amid governance scandal

tbradford/iStock Unreleased via Getty Images After an emergency board meeting, four senior Toshiba ([[TOSBF]],[[TOSYY]]) executives including two board members have been ousted, while board Chairman Osamu Nagayama has resisted calls for his removal. The other executives removed from the board include the head and a member of the audit committee. Over the weekend, 3D Investment Partners, Toshiba's second-largest shareholder, called for the resignation of the four executives and the board chair after an investigation found that Toshiba had colluded with the Japanese government to pressure a shareholder vote last summer that placed the current directors. Chairman Osamu Nagayama publicly apologized and acknowledged the governance problems but said he wanted to remain in his role to oversee the needed changes. In April, Toshiba went through a CEO change and an over $20B takeover bid from CVC Capital Partners stalled.

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Toshiba cuts four senior executives amid governance scandal