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Toshiba in turmoil

Toshiba bows to activist pressure with board reshuffle

More outside directors seen protecting investor interests as company rebuilds

Toshiba shareholders will elect directors at a general shareholders meeting scheduled for late June.
Toshiba shareholders will elect directors at a general shareholders meeting scheduled for late June.   © Reuters

TOKYO -- Toshiba is adding more outside voices to its board in response to the growing influence of activist shareholders, putting pressure on its leadership to satisfy investors as it navigates a tricky recovery.

The Japanese conglomerate on Monday announced a slate of 12 board nominees that includes 10 outside directors, up from seven now. Four of the 10 hail from outside Japan, marking the first time since 1942 that Toshiba has named foreigners to its board. The proposal will be put to shareholders for approval at next month's general meeting.

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