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Toshiba in turmoil

Toshiba CEO Tsunakawa replaces ousted board chairman

Outside director George Olcott declines reappointment after shareholders meeting

Toshiba investors rejected proposals to reappoint two directors at the annual shareholders meeting. (Photo by Yoshiyuki Tamai)

TOKYO -- Toshiba CEO Satoshi Tsunakawa will serve as interim chairman of the company's board after the ousting of Osamu Nagayama at the annual general meeting, the Japanese industrial group said Friday night.

George Olcott, whose nomination to the board as a new outside director was approved by shareholders, has declined the appointment. Toshiba said it had accepted his decision.

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