TOSBF - Toshiba CEO steps down as company considers acquisition offers

Confirming prior reports, Toshiba ([[TOSBF]],[[TOSYY]]) CEO Nobuaki Kurumatani has stepped down and will be replaced by Chairman Satoshi Tsunakawa, effective immediately.Tsunakawa, who joined the company in 1979, had served as Toshiba's president between 2016 and 2019.Approval for Kurumatani among shareholders and Toshiba insiders fell over the past year due to governance and capital allocation concerns.Kurumatani previously headed the Japanese operations of CVC Capital Partners.Last week, Toshiba received a $21B unsolicited offer from CVC to take the company private. Toshiba has formed a committee to consider CVC's final offer, but warned that the deal would face financial and regulatory complications. KKR is reportedly prepping a rival bid of over $20B for the Japanese conglomerate.

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Toshiba CEO steps down as company considers acquisition offers