The crisis in the Toshiba group worsens, after the chairman of the board of directors Osamu Nagayama and another member of the board of directors were “fired” in today’s shareholders’ meeting. A historic vote, which can represent a moment of rupture on the front of the role of activist investors in Japan.
The vote that changes the rules of the game
The unprecedented vote against – in a country where, the Financial Times recalls, “management is accustomed to unconditional support” – follows the recent release of an independent report that shed unprecedented light on the 2020 meeting that revealed a sort of collusion between the company and the Japanese government to marginalize activist shareholders.
The meeting lasted almost three hours: despite the long debate, the Tokyo-based company was unable to obtain shareholder approval for the reconfirmation of chairman Osamu Nagayama and another member of the board of directors. The other nine candidates were approved.
Management entrusted to the “bridgeman” Satoshi Tsunakawa
The management of the colossus is now entrusted to Satoshi Tsunakawa, who held the position of interim CEO after the sudden resignation of Nobuaki Kurumatani, last April: not surprisingly, the man who in recent months has promised to “continue the dialogue »with activist shareholders.
Toshiba crisis started in 2015
Kurumatani had resigned after the failure of an attempted acquisition of Toshiba for 20 billion dollars by CVC, of which the manager himself had been at the top. Thus continues the critical phase of Toshiba, which began in 2015 with the discovery of a serious accounting fraud and aggravated two years later by the failure of its nuclear activity in the United States.