Toshiba Corp. on Thursday 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. that acquired it.
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 be vice president of Toshiba, while the conglomerate's president and CEO Taro Shimada will continue to serve in his current role.
Chubu Electric Power Co. Chairman Satoru Katsuno and an Orix Corp. executive will also join the board, Toshiba said.
The Japanese conglomerate will hold an extraordinary general meeting on Dec. 22 to formally approve the new management, two days after its planned delisting on Wednesday next week.
The move will end 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.
But in recent years, it has been suffering from pressure from activist investors, Toshiba has said.
The delisting, prompted by the JIP-led consortium's 2 trillion yen takeover, allows the company to sever ties with such investors. Under the new management, the company is expected to focus on growth areas such as social infrastructure and quantum technology.
Toshiba said Shimada will helm its four key subsidiaries, including electric power and social infrastructure units. The company is considering merging them with Toshiba to increase business efficiency, sources familiar with the matter said.
