Dec 14 (Reuters) – Toshiba, the Japanese industrial conglomerate, has confirmed its post-privatization leadership structure. Chief Executive Taro Shimada will retain his position after the company goes private, with a newly formed board featuring a majority of members from private equity firm Japan Industrial Partners (JIP).

Japan Industrial Partners, leading a consortium in the acquisition of Toshiba, will appoint four of its executives to the seven-member board. Among these appointees, Hidemi Moue, the co-founder and CEO of JIP, will serve as the board's chairperson.

In addition to representatives from JIP, Japanese financial services firm Orix and Chubu Electric Power will each contribute an executive to the board. Orix invested 200 billion yen ($1.4 billion), and Chubu Electric Power invested 100 billion yen as part of the $14 billion Toshiba buyout.

To enhance the management team's expertise, a senior adviser from Toshiba's primary lender, Sumitomo Mitsui Financial Group, will also join the newly formed board.

The appointments are scheduled to take effect on Dec. 22, while Toshiba shares will be delisted on Dec. 20. The company's move towards privatization reflects ongoing changes in its corporate structure and ownership.