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Participants in Toshiba have taken a long-term “instability and instability” to a difficult meeting that’s them amazing vote removing the company’s board of directors, said a director who had no choice but to resign following an attack on his savings account last Friday.
In a statement issued in the Financial Times following the sudden resignation on Friday, George Olcott expressed serious doubts about his dismissal. Osamu Nagayama – a man who described him as one of the few Japanese business leaders who could oversee change at the rate Toshiba wanted.
“Removing him from office only contributes to instability and instability as well as the removal of a well-known executive committee. I do not understand how the development represents a positive outcome for the company or anyone involved,” said Olcott, a former SG Warburg banker who lives in several Japanese companies .
His comments follow Toshiba’s annual general meeting (AGM) last Friday – which took place months after adding to the turmoil in the company and the successful time the shareholders are working in Japan.
The removal of Nagayama and former shareholders at the AGM followed calls for other investors to remove the entire board due to repeated leadership failures at a company that many see as having a strong modern economy and growing potential.
“I believe Nagayama’s goal of setting up a new Toshiba training program to further his career was ambitious, but it was achieved and I look forward to supporting him and the committee in this endeavor,” Olcott said.
But some vehemently denied Olcott’s warning of instability in Toshiba, saying that, despite the difficulties, the past two weeks have removed major flashes of infidelity from shareholders in trusting Toshiba’s leadership.
Raymond Zage, who is not Toshiba’s director, said what happened last Friday at the AGM has established the committee in a cohesive and transparent manner that needs attention.
“The causes of instability in Toshiba are due to the loss of trust among our partners, and independent research has confirmed that the loss of trust was justified. We are keen to restore this confidence and the need to provide stability and reassurance to staff and customers,” Zage told FT.
Nagayama’s dismissal on Friday forced the company’s chief executive, Satoshi Tsunakawa, to step down until Toshiba called a successful general election to elect a new governing body consisting of four non-senior members.
The AGM followed the release this month of a independent report in the context of Toshiba’s 2020 annual conference. The report says the alliance between the company and the Japanese government is cracking down on militants.
In the days leading up to the AGM last Friday, a majority of the stakeholders in many organizations told FT that they would not dare to vote for Nagayama’s re-election.
When Nagayama took over as chairman and head of the selection committee after the 2020 AGM, he said he should be held accountable for the way Toshiba investigated, which ensured there were no problems.
But other figures also came to the fore in defending him, including John Roos, Barack Obama’s former ambassador to Tokyo, who issued a statement before the AGM praising Nagayama as “a reformer, not defending the current situation.”
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