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Toshiba proposes outsider-heavy board, interim CEO to stay

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Toshiba Corp proposed adding a new slate of outsiders to take a majority of seats on its board of directors, aiming to bolster governance of the laptops-to-nuclear conglomerate following a US$1.2 billion accounting scandal.

[TOKYO] Toshiba Corp proposed adding a new slate of outsiders to take a majority of seats on its board of directors, aiming to bolster governance of the laptops-to-nuclear conglomerate following a US$1.2 billion accounting scandal.

It also proposed keeping interim President Masashi Muromachi in his role on a more permanent basis, confirming media reports, opting to maintain stability but possibly disappointing some investors who hoped for a new leader.

Toshiba will seek approval of the candidates at an extraordinary shareholders' meeting in late September.

The company said it was likely to report a net loss for its latest financial year ended in March. It also estimated an operating profit of 170 billion yen (S$2 billion) for the year.

REUTERS