Toshiba's CEO, Nobuaki Kurumatani, has stepped down, a week after the company said it received an unsolicited acquisition offer from private equity firm CVC Capital Partners.
According to a Nikkei report, CVC reportedly offered a 30% premium by putting around $20 billion on the table to buy out the Japanese company.
His resignation also follows shareholders passing a motion last month for an independent investigation to be conducted into allegations that Toshiba investors were pressured into voting in favour of reappointing Kurumatani as CEO during the company's annual general meeting last year.
Kurumatani will be replaced by Satoshi Tsunakawa, who was the most recent CEO just prior to Kurumatani, Toshiba said.
Until Wednesday's leadership reshuffle, which took effect immediately after the resignation was announced, Tsunakawa had been acting as the company's chairman.