Offer undervalued: A Toshiba signage is seen at the company’s headquarters in Tokyo. Some executives believe the buyout offer by CVC Capital undervalued a storied Japanese corporation that still held valuable energy and semiconductor assets. — Bloomberg
TOKYO: Toshiba Corp said chief executive officer Nobuaki Kurumatani will be replaced by chairman Satoshi Tsunakawa, an abrupt leadership reshuffling that casts doubt on potential buyout offers for the US$20bil Japanese icon.
Toshiba said the changes are effective immediately in an announcement yesterday. The company will soon begin considering successors for Tsunakawa, who returns to the CEO job he held previously, said Osamu Nagayama, chairperson of the board, during a press conference in Tokyo.
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