Toshiba Corp. President and CEO Nobuaki Kurumatani resigned today, a week after the company received a buyout offer from a British investment fund, DPA and Kyodo reported.
The Japanese industrial conglomerate announced that the board of directors had accepted the resignation and appointed Satoshi Tsunakawa. The changes take effect immediately, adds BTA.
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Toshiba announced last week that it had received an initial takeover bid from the British private equity firm CVC Capital Partners, of which Kurumatani was once chairman for the Asia-Pacific region.
The Japanese business daily Nikei reports that CVC Capital Partners is considering buying 145-year-old Toshiba for 2.3 trillion yen ($ 21 billion), and sources announced Kurumatani’s impending resignation yesterday.
An offer from a non-Japanese company will have to be approved by the Japanese government for national security reasons. The acquisition of Toshiba will be studied very carefully, as the conglomerate is also developing business in the field of nuclear energy, DPA notes.
Toshiba was forced to undertake a major restructuring after the accounting scandal in 2015 and the bankruptcy of its US subsidiary in nuclear energy in 2017. It no longer manufactures personal computers and TVs and sold its lucrative memory chip division in 2018, the agencies recall.
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