Retail in Asia

Toshiba panel considers replacing president before shareholder meeting

Scandal-hit Toshiba Corp.’s Nomination Committee is considering replacing President Masashi Muromachi as early as June, informed sources have said.

Toshiba is bracing for a record group net loss of ¥710 billion for the year ending in March. By replacing the company’s chief Toshiba is hoping to head off criticism at a general shareholders’ meeting in late June.

However, the five outside directors who make up the committee are also considering delaying the replacement until September or even later — after the company is taken off a watch list by the Tokyo Stock Exchange.