Toshiba Corp. investor King Street Capital Management plans to nominate a slate of independent directors to replace a majority of the manufacturer's board, ratcheting up the hedge fund's first public activist campaign.
Among the nominees will be Brian Higgins, co-founder of the fund, which manages about $20 billion. King Street owns about 5.4 percent of Toshiba and is its fourth-largest shareholder. The stock rose as much as 2.5 percent in Tokyo on Tuesday.
In a letter to Chief Executive Officer Nobuaki Kurumatani dated Monday, New York-based King Street said Toshiba needs new independent directors to "fully maximize its industrial strengths and empower the innovative potential of its employees."
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.