Japanese industrial giant Toshiba has announced a new slate of directors under a plan to delist from the stock exchange next week. A board majority will be held by representatives of the investment fund that purchased the firm.

The announcement says the current president and CEO Shimada Taro will retain the posts.

Four out of the seven board seats will go to executives from Japan Industrial Partners, a group that acquired Toshiba to turn the business around.

Chubu Electric Power Chairman Katsuno Satoru will also join the board. The utility is part of the consortium that bought Toshiba.

Toshiba plans to hold an ad hoc shareholders' meeting on December 22 to approve the new directors.

The electronics and industrial conglomerate has been mired in financial difficulties and leadership challenges since accounting irregularities came to light in 2015.

It faces the challenge of restructuring its finances and pursuing growth while shouldering massive costs related to the delisting.