Toshiba shareholders oust chairman, in shake-up for Japan Inc

FILE PHOTO: Toshiba Corp. Board of Directors Chairperson Osamu Nagayama attends a news conference in Tokyo Japan June 14, 2021, in this handout photo taken and released by Toshiba Corporation. Toshiba Corporation/Handout via REUTERS/File Photo

TOKYO (Reuters) -Toshiba Corp shareholders ousted the chairman of the board on Friday, delivering a powerful rebuke to the company after management was found to have colluded with the Japanese government to put pressure on foreign investors.

The unexpected removal of chairman Osamu Nagayama, a veteran of corporate Japan, and another director marked a clear victory for corporate governance, and sent a strong signal about overseas investors' ability to push through change even at one of Japan Inc's most storied conglomerates.