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Toshiba Corporation is going private and set to be delisted on Dec. 20. The troubled Japanese company's shareholders approved the move to go private and seek a revival under a consortium led by Japan Industrial Partners (JIP).
On Thursday, Dec. 14, Toshiba revealed that its chief executive officer, Taro Shimada, will keep his position despite the upcoming delisting schedule. Moreover, JIP will send four of its executives to complete the company's seven-member board, which means the majority of the team is from the Japanese private equity firm, as per Reuters.
New Toshiba Board Members
JIP led the consortium to buy Toshiba Corporation, and four executives from this group are set to become part of the electronics company headquartered in Minato, Tokyo. The firms that are part of the consortium - Orix and Chubu Electric Power will send their respective representative to the board.
These companies invested a total of 300 billion yen in Toshiba's buyout. Orix spent 200 billion yen, while Chubu Electric put in 100 billion yen. The total value of the deal was $14 billion.
The Japan Times reported that the former vice president of Mitsubishi Motors, Koji Ikeya, will also be onboard. He will be appointed as the new vice president of Toshiba and will work alongside Taro Shimada, who will retain his CEO role.
In any case, it was reported that JIP's co-founder and chief executive officer, Hidemi Moue, will also be part of Toshiba's board. He will become the chairman of the group.
New Management: Reorganization of the Company
The new management team of Toshiba will include the senior adviser at the company's major lender, the Sumitomo Mitsui Financial Group. All the new leadership appointments are set to take effect on Dec. 22, just two days after Toshiba is officially delisted from the stock exchange.
