Toshiba CEO steps down after company received CVC buy-out offer

Nobuaki Kurumatani, chief executive officer of Toshiba is said to step down, after a controversial buy-out bid from his former employers CVC Capital Partners.

According to Nikkei’s report, CVC reportedly supplied a 30% premium by placing around $20 billion on the desk to purchase out the Japanese company.

Nobuaki Kurumatani’s resignation follows shareholders passing a motion last month for an independent investigation to be conducted into allegations that Toshiba investors have been pressured into voting in favor of reappointing Kurumatani as CEO through the company’s annual general meeting held last year.

In a statement by Toshiba, Satoshi Tsunakawa currently the chairman but who was CEO before Kurumatani would assume the position of the CEO.

Until Wednesday’s management reshuffle, which took effect immediately after the resignation was announced, Tsunakawa had been acting as the company’s chairman.

In December 2020, Toshiba posted ¥3.4 billion in internet revenue. That same year, Toshiba officially quit the laptop business after a 35- year run.

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