August 31, 2018 / 6:31 AM / 3 months ago

U.S. hedge fund King Street seeks board shake-up at Toshiba - WSJ

FILE PHOTO: The logo of Toshiba is seen as a shareholder arrives at Toshiba's extraordinary shareholders meeting in Chiba, Japan March 30, 2017. REUTERS/Toru Hanai/File Photo

(Reuters) - U.S. hedge fund King Street Capital Management LP has proposed new independent directors at Japan’s Toshiba Corp, the Wall Street Journal reported on Friday, citing people familiar with the matter.

King Street’s proposal is the first sign of dissatisfaction among the foreign funds that bought into Toshiba last year, the Journal reported.

The U.S. hedge fund is the third largest shareholder in Toshiba, with a 5.23 percent stake, according to Thomson Reuters data.

King Street did not immediately respond to a request for comment while Toshiba declined to comment.

Reporting by Bhanu Pratap in Bengaluru; Editing by Sunil Nair

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