Toshiba chairman hits out at former CEO, says wants to stay on

Toshiba Corp’s chairman of the board on Monday pushed back against investor calls for him to resign, blaming its former chief executive for a “confrontational stance” towards shareholders that helped pitch the Japanese company into crisis.

Toshiba has come under fierce global scrutiny after an independent investigation last week revealed management colluded with the Japanese government to put pressure on foreign investors in what one shareholder has called the world’s worst corporate scandal in a decade.

On Monday, Nagayama apologised at a news conference broadcast online and said there were lapses in governance but added he wanted to stay on and help reconstruct management at the conglomerate.