Toshiba Chief Kurumatani Quits amid Management Turmoil

Economy

Tokyo, April 14 (Jiji Press)--Toshiba Corp. <6502> President and CEO Nobuaki Kurumatani resigned Wednesday, the Japanese electronics and machinery maker, mired in management turmoil stemming from a bid by a British investment fund, said.

Kurumatani, 63, was replaced by his immediate predecessor, Satoshi Tsunakawa, 65, who held the post of Toshiba chairman before the appointment.

"The top management reshuffle will not change the path our company should take," Tsunakawa told an online press conference held after the day's extraordinary meeting of the Toshiba board. "I want to build a relationship of trust with our shareholders," he said.

Kurumatani did not attend the press conference. Instead, he said in a statement, "I'm truly sorry to all stakeholders."

On the buyout proposal from CVC Capital Partners, Osamu Nagayama, chairman of the board, said, "There are many issues requiring careful consideration, so the situation is very uncertain."

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Jiji Press