Toshiba CEO resigns

JAPAN: Toshiba chief executive Nobuaki Kurumatani has resigned from his position after reports of shareholder unrest following last week’s $20bn bid from UK private equity firm CVC.

Following a meeting, today, Toshiba’s board of directors accepted Kurumatani’s resignation and re-appointed 65-year-old Satoshi Tsunakawa, Kurumatani’s predecessor, in his place.

Last week’s “completely unsolicited” bid from CVC Capital Partners was described as the biggest ever deal and the largest leveraged buyout in Japan’s history. Since then, it has been widely claimed that the $20bn bid undervalues the company and US investment fund KKR has been reported to be considering an acquisition proposal.

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