URGENT: Toshiba CEO Kurumatani steps down over management rift

Economy

Toshiba Corp. President and CEO Nobuaki Kurumatani stepped down Wednesday, the company said, amid an internal conflict over a proposed buyout of the Japanese industrial conglomerate by British private equity firm CVC Capital Partners. The decision comes only a week after CVC's plan to take Toshiba private emerged. It is an apparent effort to end activist shareholders, who own roughly a fourth of the company, from wielding influence. Kurumatani, 63, a former head of CVC's Japan unit, took over as Toshiba chief in 2018.

Kyodo News

Kyodo News