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. | April 14, 2021
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TOKYO (Reuters) -Toshiba Corp CEO Nobuaki Kurumatani resigned on Wednesday amid controversy over a $20 billion buyout bid from CVC Capital Partners, while its shares rose on reports that KKR & Co and Brookfield are also planning offers.
Satoshi Tsunakawa, who led the company before Kurumatani and until Wednesday was chairman, will once again assume the helm.
Kurumatani, CEO for three years, had been under fire over the bid from CVC, his former employer, as well as facing allegations that investors were pressured before a shareholder meeting to support desired board nominations.
CVC’s offer to take the Japanese conglomerate private and retain incumbent management was perceived by some in the company as designed to shield Kurumatani from activist shareholders, Toshiba sources have said.
Controversial Toshiba CEO steps down, shares jump on bidding war expectations
By Makiko Yamazaki
Reuters
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 KKR & Co and Brookfield are also planning offers.
Satoshi Tsunakawa, who led the company before Kurumatani and until Wednesday was chairman, will once again assume the helm.
Kurumatani had been under fire over the bid from CVC, his former employer, as well as damaging allegations that investors were pressured before a shareholder meeting to support desired board nominations.
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