Toshiba Corp CEO Nobuaki Kurumatani resigned on Wednesday amid controversy over a $20 billion buyout bid from CVC Capital Partners and the conglomerate's shares surged on reports that more suitors were planning offers.
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By Makiko Yamazaki TOKYO (Reuters) -Toshiba Corp CEO Nobuaki Kurumatani resigned on Wednesday amid controversy over a $20 billion buyout bid from CVC Capital Partners and the conglomerate s shares surged on reports that more suitors were planning offers.
Toshiba Chairman Satoshi Tsunakawa will become chief executive, the company said in a statement. The statement gave no reason for the resignation but Kurumatani has come under much fire over the bid from CVC, his former employer, and his testy relations with the company s large activist shareholder base. A news conference is planned at 12.30 local time. (0330 GMT) His departure could upend CVC s offer last week to take Toshiba private at a time when rival suitors are said to be weighing bids.
Toshiba Corp CEO Nobuaki Kurumatani resigned on Wednesday amid controversy over a $20 billion buyout bid from CVC Capital Partners and the conglomerate s shares surged on reports that KKR & Co.
Toshiba CEO Resigns Amid Row Over $20 Billion Buyout Bid, Shares Surge
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Toshiba Corp CEO Nobuaki Kurumatani resigned on Wednesday amid controversy over a $20 billion buyout bid from CVC Capital Partners and the conglomerate s shares surged on reports that more suitors were planning offers.
Toshiba Chairman Satoshi Tsunakawa will become chief executive, the company said in a statement.
The statement gave no reason for the resignation but Kurumatani has come under much fire over the bid from CVC, his former employer, and his testy relations with the company s large activist shareholder base.
The logo of Toshiba is pictured on its flash memory factory, seen during a media tour in Yokkaichi, western Japan 9 September 2014