Toshiba Repels Activist Challenge With Sweep of Board Vote (1)

Toshiba Corp. won a clean sweep for its slate of board nominees, turning back a challenge from activist investors who sought more influence after years of accounting scandals and business missteps.

The Tokyo-based company said that its 12 proposed directors were all elected at a shareholders meeting. Activist Effissimo Capital Management Pte, the company’s largest shareholder, had sought to have its co-founder, Yoichiro Imai, take a seat on the conglomerate’s board. Toshiba’s shares slid as much as 2% in Tokyo trading after the vote.

Toshiba, once renowned for its technological innovation, has stumbled badly in recent years. It ...