JIP To Take Majority Toshiba Board Seats After Delisting

Toshiba Corp. has announced a new management structure after its planned delisting next week, with the majority of board members coming from the consortium led by Japan Industrial Partners Inc. (JIP) that acquired it, as reported by Kyodo News.

This move will mark the end of the conglomerate's 74-year history as a public company Toshiba. I Photo: Toshiba

Out of the seven board members, four are from JIP, including President Hidemi Moue and Vice Chairman Koji Ikeya, a former vice president of Mitsubishi Motors Corp.

Ikeya will serve as vice president of Toshiba, while the conglomerate's president and CEO Taro Shimada will continue in his current role. Satoru Katsuno, Chairman of Chubu Electric Power Co., and an Orix Corp. executive will also join the board, according to Toshiba.

The Japanese conglomerate will hold an extraordinary general meeting on December 22 to formally approve the new management, two days after its planned delisting next Wednesday.

This move will mark the end of the conglomerate's 74-year history as a public company Toshiba, founded in 1875, grew to be one of the biggest companies in Japan, with its business ranging from PCs to nuclear technology.

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