TOKYO, Dec 14 (Reuters) - Japan's Toshiba on Thursday said chief executive Taro Shimada will remain in the post after the company goes private, while a majority of the board will come from private equity firm Japan Industrial Partners (JIP).

JIP, which is leading a consortium to buy out the industrial conglomerate, will send four of its executives to Toshiba's new seven-member board, including its co-founder and CEO Hidemi Moue. Moue will chair the board.

Japanese financial services firm Orix and Chubu Electric Power will each send an executive to the board, Toshiba said. Orix invested 200 billion yen ($1.4 billion) and Chubu 100 billion yen in the $14 billion Toshiba buyout.

Toshiba's new management team will be joined by a senior adviser at Toshiba's main lender Sumitomo Mitsui Financial Group .

The appointments will take effect on Dec. 22. Toshiba shares will be delisted on Dec. 20. ($1 = 142.3700 yen) (Reporting by Mariko Katsumura and Makiko Yamazaki; Editing by Christopher Cushing and Gerry Doyle)