Toshiba shareholders reject spin-off plan in key vote

TOKYO – Toshiba shareholders on Thursday voted against a proposal to split the Japanese conglomerate into two, dealing a fresh blow to management that will likely spell further turmoil for the embattled company.

The results of the ballot held at an extraordinary shareholder meeting are non-binding, but Toshiba had been hoping to shore up support ahead of a final vote next year on the plan to spin off its electronic devices unit.

The result is the latest setback for the engineering giant, which was once a symbol of Japan’s tech and business prowess but has faced a series of scandals, financial troubles and shock high-level resignations in recent years.

A proposal by a key Singapore-based shareholder to explore alternatives including going…