Refile: UPDATE 1-Toshiba to retain Shimada as CEO, get 4 board members from JIP

Orix

14/12/2023 01:37

(Changes date changes take effect to Dec. 22 from Dec. 20 in
paragraph 5)
       TOKYO, Dec 14 (Reuters) - Japan's Toshiba  6502.T  on
Thursday said chief executive Taro Shimada will remain in the
post after the company goes private, while a majority of the
board will come from private equity firm Japan Industrial
Partners (JIP).
    JIP, which is leading a consortium to buy out the industrial
conglomerate, will send four of its executives to Toshiba's new
seven-member board, including its co-founder and CEO Hidemi
Moue. Moue will chair the board.
        Japanese financial services firm Orix  8591.T  and Chubu
Electric Power  9502.T  will each send an executive to the
board, Toshiba said. Orix invested 200 billion yen ($1.4
billion) and Chubu 100 billion yen in the $14 billion Toshiba
buyout.
        Toshiba's new management team will be joined by a senior
adviser at Toshiba's main lender Sumitomo Mitsui Financial Group
 8316.T .
    The appointments will take effect on Dec. 22. Toshiba shares
will be delisted on Dec. 20.

($1 = 142.3700 yen)

 (Reporting by Mariko Katsumura and Makiko Yamazaki; Editing by
Christopher Cushing and Gerry Doyle)
 ((Mariko.Katsumura@thomsonreuters.com;))