Investors Draw the Line at Toshiba in Rare Rebuke of Management
- Chairman Nagayama ousted at contentious AGM in Tokyo on Friday
- Analysts say it’s bullish for Japan, shows shareholders matter
Osamu Nagayama
Photographer: Patrick T. Fallon/For the TimesThis article is for subscribers only.
Investors delivered a rare rebuke to Toshiba Corp.’s management on Friday in a vote that analysts say could have broader implications for how Japan Inc. deals with stock holders.
Shareholders at the once-iconic conglomerate voted to oust Chairman of the Board Osamu Nagayama, weeks after an independent investigation alleged the company colluded with bureaucrats in an attempt to influence last year’s board selection.