Toshiba’s CEO resigned on Wednesday as a buyout offer from a private equity fund sparked chaos within the storied Japanese firm, with reports claiming that two other funds are exploring offers.
Nobuaki Kurumatani’s resignation is the latest in a series of changes at the company, which only regained its first-section listing on the Tokyo stock exchange earlier this year after restructuring.
After the company announced Kurumatani’s departure, Osamu Nagayama, head of the firm’s selection committee, told reporters that the board approved his resignation “as he has completed his task of revitalising Toshiba.”
Kurumatani refused to speak to the media, but his statement was read aloud at the gathering.
His departure comes as board members challenge Kurumatani’s buyout offer from CVC Capital Partners, where he previously led Japanese operations — while Nagayama maintained the resignation had “nothing to do” with allegations of a conflict of interest.
The private equity firm is said to be offering a deal worth more than $20 billion, but there are rumors that some Toshiba executives believe that amount is too high.
