US hedge fund King Street seeks board shake-up at Toshiba: WSJ

US hedge fund King Street seeks board shake-up at Toshiba: WSJ

U.S. hedge fund King Street Capital Management LP has proposed new independent directors at Japan's Toshiba Corp , the Wall Street Journal reported on Friday, citing people familiar with the matter.

The logo of Toshiba Corp is seen behind cherry blossoms at the company's headquarters in Tokyo
The logo of Toshiba Corp is seen behind cherry blossoms at the company's headquarters in Tokyo, Japan April 11, 2017. REUTERS/Toru Hanai

REUTERS: U.S. hedge fund King Street Capital Management LP has proposed new independent directors at Japan's Toshiba Corp , the Wall Street Journal reported on Friday, citing people familiar with the matter.

King Street's proposal is the first sign of dissatisfaction among the foreign funds that bought into Toshiba last year, the Journal reported. https://on.wsj.com/2PnJ2cZ

The U.S. hedge fund is the third largest shareholder in Toshiba, with a 5.23 percent stake, according to Thomson Reuters data.

King Street did not immediately respond to a request for comment while Toshiba declined to comment.

(Reporting by Bhanu Pratap in Bengaluru; Editing by Sunil Nair)

Source: Reuters

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