Toshiba Chief Executive Nobuaki Kurumatani Steps Down

The chief executive officer of Japanese multinational conglomerate Toshiba Corp. (TYO: 6502) Nobuaki Kurumatani has resigned from the company after serving in the position for three years.

The former CEO rendered his resignation letter on April 13, this announcement comes at a time when the company is considering a $20 billion private takeover bid from private equity firm CVC Capital Partners.

Reports have it that private firm and global investor KKR & Co Inc.(KKR) and Brookfield are also interested in acquiring the company.

Kurumatani has been under scrutiny following the takeover bid from CVC Capital considering he worked for the company before shifting to Toshiba. The company’s board of management has also been fiercely pushing for the top management of the company to be changed.

Shareholders of Toshiba have been pointing accusing fingers on top executives of the company a group of them are even advocating for an independent probe into the allegations. The company’s board chairman Osamu Nagayama told reporters that Kurumatani had already informed the board of his intention to resign.

Tsunakawa has the trust of various stakeholders,” added Nagayama. He also said that the takeover bid from CVC was unsolicited, lacked substance and needs to be approached with caution.

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