King Street announced on March 11th, 2019 that it intends to nominate a slate of new independent Directors to replace a majority of the Board at the Company’s 2019 Annual General Meeting of Shareholders (“AGM”). The slate will include King Street’s Co-founder, Brian J. Higgins. King Street believes these candidates, which include seasoned industry executives, investors and turnaround experts, have the necessary skills and backgrounds to assist in unlocking Toshiba’s inherent value for the benefit of all stakeholders and returning it to its rightful place as a crown jewel of corporate Japan.
King Street also announced that it has issued a letter to Toshiba’s CEO, which, among other things, explains the reasons for its actions. The letter can be viewed under the March 2019 Letter Tab.