Business Wire

Toshiba's Chairperson of the Board of Directors Issues Open Letter to Its Shareholders

Share

Toshiba Corporation (TOKYO:6502) today announced that Osamu Nagayama, Chairperson of Toshiba’s Board of Directors, has issued an open letter to the company's shareholders.

The full text of the letter is as follows:

Dear Shareholders

As the Chairperson of the Board of Directors of Toshiba Corporation ("Toshiba", the "Company"), I would like to express my deep regret regarding recent unacceptable events at the Company which have eroded your trust in us.

You would have seen that we have already taken decisive and immediate action following the release of the Investigation Report, amending the slate of nominees for directors, committee members and executive officers ahead of the upcoming AGM on June 25.

I, together with the Board, am fully committed to ensuring we improve your Company's governance fundamentally and enhance its corporate value. United, we shall be taking the following concrete steps with urgency:

  • In order to stop recurrence, we will conduct an inquiry, with third party participation, into why the unacceptable events occurred, put new preventive measures into place, and establish a robust compliance culture;
  • We will begin a thorough search, incorporating shareholder perspectives, for additional independent Board members with strong experience in managing a complex global business such as ours. As soon as such candidates are selected we will seek your approval at an EGM;
  • We will accelerate the selection process for a successor to Mr. Tsunakawa as CEO that can drive the changes needed in Toshiba in the medium term;
  • As previously announced, the Strategic Review Committee has been in preparation and will be launched immediately after the AGM; and
  • The Board has hired Makinson Cowell, an independent global investor study firm, to gather non-attributable feedback to provide us with a broad and transparent set of shareholder opinions as we make important strategic decisions.

Throughout this process the Company will continue to provide regular updates on our progress.

Since joining the Board less than a year ago, I have seen the great potential that lies within the Company and its employees. As the Chairperson my priority is to provide Toshiba with the governance and leadership that you deserve. I pledge to you that I will continue to be an agent of positive change, not a protector of the status quo.

Yours sincerely,

Osamu Nagayama
Chairperson of the Board of Directors
Toshiba Corporation

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

For Media in Japan
Midori Hara / Takashi Ebina / Yoko Takagi
Media Relations Office
Corporate Communications Div.
Toshiba Corporation
media.relations@toshiba.co.jp

For Media outside of Japan
Ross Lovern / Lissa Perlman
Kekst CNC
ross.lovern@kekstcnc.com / lissa.perlman@kekstcnc.com

For Investors
Investor Relations Group
Planning & Investor Relations Office
Strategic Planning Div.
Toshiba Corporation
ir@toshiba.co.jp

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Rimini Street Announces Fiscal Second Quarter 2021 Financial Results4.8.2021 22:05:00 CEST | Press release

Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today announced results for the second quarter ended June 30, 2021. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210804005261/en/ Rimini Street Announces Fiscal Second Quarter 2021 Financial Results (Photo: Business Wire) “For the second quarter, we executed well and remain on track to achieve our strategic growth plan of $1 billion in annual revenue by 2026. We achieved record revenue of $91.6 million, up 16.9% year over year and above the high-end of our guidance range. We also ended the quarter with strong year over year billings growth of 44.4%, a gross margin over 62% and an active client count that grew by 22.5%,” stated Seth A. Ravin, Rimini Street co-founder, CEO and chairman of the board. “In addition, our revenue

Western Union Announces Agreement to Sell Western Union Business Solutions to Goldfinch Partners and The Baupost Group for Approximately $910 Million in Cash4.8.2021 22:04:00 CEST | Press release

The Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments, together with Goldfinch Partners, LLC (“Goldfinch”), a private equity firm investing in businesses at the forefront of digital transformation, and The Baupost Group, LLC (“Baupost”), a $31 billion Boston-based investment firm, today announced that they have entered into a definitive agreement, under which a consortium of Goldfinch and Baupost will acquire Western Union Business Solutions for approximately $910 million in cash. Western Union established Western Union Business Solutions following the acquisitions of Custom House in 2009 and Travelex Global Business Payments in 2011. Western Union Business Solutions, which facilitates cross-border, cross-currency payments and foreign exchange solutions for small and medium-sized businesses and other organizations, represented approximately 7% of total Western Union revenue during the last 12 months ended June 30, 2021. “With

Bob Slinn Joins FunPlus Senior Leadership Team as Vice President of Business Development4.8.2021 17:15:00 CEST | Press release

FunPlus, a leading independent mobile game developer and publisher, today announced that Bob Slinn has been appointed as Vice President of Business Development for the company. As a member of the company’s senior leadership team headquartered in Switzerland, Slinn will report to Chief Business Officer Chris Petrovic and be responsible for leading the company’s Western market strategic business development efforts. These efforts will include managing and expanding FunPlus’ growing list of global IP partners and deepening the company’s platform relationships, as well as leading developer relations efforts in support of the company’s ongoing strategic investment and M&A activities. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210804005425/en/ Bob Slinn Joins FunPlus Senior Leadership Team as Vice President of Business Development (Photo: Business Wire) “We’re delighted to welcome Bob to the team in a leadership role that is t

Tigo Energy Unveils Energy Intelligence Platform to Simplify Fleet Management4.8.2021 16:00:00 CEST | Press release

Tigo Energy, Inc., the solar industry’s worldwide leader in Flex MLPE (Module Level Power Electronics), today unveiled its Energy Intelligence (EI) Solution, a comprehensive digital platform designed to optimize the installer experience around commissioning, monitoring, and maintaining fleets of solar installations. For solar installers, operations and maintenance represents a significant and ongoing burden due to the lack of visibility to the module-level information. Tigo EI quickly identifies issues that increase truck rolls, undermine energy output, and undercut the economic success of said installations. EI also delivers the tools to decrease operation and maintenance costs, increase system performance and revenue, and improve the user experience for both installers and customers. The platform also simplifies the commissioning process by providing greater system visibility and information to end installers and EPCs. “Fleet management technology is the next key enabler in renewable

Avex Releases 100% Hemp Cloth T-shirt4.8.2021 16:00:00 CEST | Press release

Avex Entertainment Inc. began limited sales from July 30 of the T-shirts from a Japanese fabric brand "majotae" (pronounced "ma-yo-tah-e") on its official website, using hemp*1, the natural, sustainable material that is gaining attention globally. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210804005064/en/ 100% hemp cloth T-shirt made by majotae (Photo: Business Wire) By maximizing the company's knowhow in creating entertainment contents, Avex shares with the world a new concept in sustainability—hemp cloth, which combines both comfort as clothing, and earth-friendly, ecological aspects. Avex is cultivating a brand new field of business that creates moving experiences beyond the field of entertainment. About majotae Majotae is a brand that utilizes modern technology to resurrect the true texture of the hemp cloth that Japanese people have used since ancient times. The greatest feature of "majotae" is its realization of a

Q4 Launches Suite of ESG Communications Products4.8.2021 15:00:00 CEST | Press release

Q4 Inc. (Q4), a leading capital markets communications platform, announced the first phase of new products that standardize how public companies can deliver information regarding their environmental, social and governance (ESG) efforts. At a time of extensive data collection, heightened investor emphasis and mounting regulatory mandates around ESG disclosure, public companies are challenged with what and how best to communicate their social impact and sustainability programs. Similarly investors are taxed with distilling the vast amount of ESG-related information relevant to their investment criteria. In its fundamental commitment to ESG, both as an organization and on behalf of its clients, Q4 has introduced the first of several new offerings that enable public companies to effectively tell their ESG story in a format that makes it easier for investors to consume. Working in tandem with its leading clients, Q4 has established a set of best practice, industry-focused templates for corp

Enedym, Inc. Announces Two New Appointments To Board of Directors4.8.2021 14:00:00 CEST | Press release

Enedym, Inc. (“Enedym”), the technology company thatdevelops next generation switched reluctance motors (SRMs), electric propulsion, and electrified powertrains, announced today that it has appointed Robert Lee, former Vice President of Engines, Electrified Propulsion, and Advanced Powertrain Engineering at Fiat Chrysler Automobiles (FCA) and Ron Harper, President and CEO of JFE Shoji Power Canada Inc., to its board of directors. "We are so pleased to welcome Bob and Ron as new directors to Enedym’s board," said Ali Emadi, Founder, President, and CEO of Enedym. "They join Enedym at an exciting time as we expand our operations and development capabilities in order to continue to transform the electric motor and electrified powertrain sector. Bob’s deep experience in the global automotive sector will bring valuable experience to our rapidly growing automotive electrification business. Ron’s expertise in manufacturing and supply chain management will be valuable in developing Enedym’s eme