Toshiba CEO resigns a week after company received CVC buyout offer

Toshiba's chief has vacated his role at a time when the company is considering a buyout offer that is reportedly worth $20 billion.
Written by Campbell Kwan, Contributor

Toshiba's outgoing CEO Nobuaki Kurumatani

Image: Getty Images

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.

During the half to December 2020, Toshiba posted ¥3.4 billion in net income. Last year, Toshiba formally canned its laptop business after a 35-year run. 

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