AGL 5.41 Decreased By ▼ -0.09 (-1.64%)
ANL 8.71 Increased By ▲ 0.02 (0.23%)
AVN 76.16 Increased By ▲ 0.32 (0.42%)
BOP 5.17 Decreased By ▼ -0.01 (-0.19%)
CNERGY 4.47 Decreased By ▼ -0.04 (-0.89%)
EFERT 81.21 Increased By ▲ 0.12 (0.15%)
EPCL 49.17 Decreased By ▼ -0.83 (-1.66%)
FCCL 12.69 Increased By ▲ 0.16 (1.28%)
FFL 5.59 Increased By ▲ 0.07 (1.27%)
FLYNG 6.98 Increased By ▲ 0.03 (0.43%)
FNEL 4.63 Decreased By ▼ -0.02 (-0.43%)
GGGL 8.59 Increased By ▲ 0.01 (0.12%)
GGL 14.06 Decreased By ▼ -0.19 (-1.33%)
HUMNL 5.49 Decreased By ▼ -0.10 (-1.79%)
KEL 2.60 Increased By ▲ 0.06 (2.36%)
LOTCHEM 27.75 Decreased By ▼ -0.23 (-0.82%)
MLCF 23.56 Decreased By ▼ -0.14 (-0.59%)
OGDC 71.45 Decreased By ▼ -0.19 (-0.27%)
PAEL 15.23 Increased By ▲ 0.14 (0.93%)
PIBTL 4.90 Increased By ▲ 0.01 (0.2%)
PRL 15.75 Decreased By ▼ -0.06 (-0.38%)
SILK 1.05 Decreased By ▼ -0.02 (-1.87%)
TELE 9.00 Increased By ▲ 0.06 (0.67%)
TPL 7.16 Increased By ▲ 0.13 (1.85%)
TPLP 19.14 Increased By ▲ 0.83 (4.53%)
TREET 20.99 Decreased By ▼ -0.04 (-0.19%)
TRG 136.92 Increased By ▲ 2.37 (1.76%)
UNITY 16.74 Increased By ▲ 0.11 (0.66%)
WAVES 9.10 Decreased By ▼ -0.22 (-2.36%)
WTL 1.37 Increased By ▲ 0.01 (0.74%)
BR100 4,155 Increased By 0.1 (0%)
BR30 15,335 Increased By 46.6 (0.3%)
KSE100 41,540 Decreased By -72.7 (-0.17%)
KSE30 15,365 Increased By 5 (0.03%)
Follow us

TOKYO: Toshiba’s CEO resigned on Wednesday as a buyout offer from a private equity fund stirs turmoil inside the storied Japanese company, with reports suggesting two other funds are considering bids.

Nobuaki Kurumatani’s resignation is the latest development in years of upheaval at the firm, which only won back its spot on the first section of the Tokyo stock exchange earlier this year after restructuring.

The board accepted Kurumatani’s resignation “as he has completed his mission of revitalising Toshiba”, Osamu Nagayama, head of the firm’s appointment committee told reporters after the company confirmed the departure.

Kurumatani declined to appear before journalists, but a statement from him was read out at the event.

His departure comes as board members raise questions about the buyout offer from CVC Capital Partners, where Kurumatani formerly headed Japanese operations — though Nagayama insisted claims of a conflict of interest had “nothing to do” with the resignation.

The private equity firm is reportedly offering a deal in excess of $20 billion, but there are reports that some in Toshiba see that sum as too small.

The Japanese conglomerate has worked to right the ship after a major accounting scandal in 2015 and the 2017 bankruptcy of its US nuclear subsidiary.

After sweeping restructuring, its earnings rebounded and it returned to the prestigious first section of the Tokyo Stock Exchange in January.

A statement from Kuramtani said he was stepping down given the return, as he had “completed my mission”.

Comments

Comments are closed.

Toshiba CEO resigns as buyout offer stirs turmoil

Arshad Sharif’s killing: SC orders to register FIR by today

Rupee remains under pressure, settles at 224.11 against US dollar

Sanaullah urges PTI leaders to use parliament for discussion on next general elections

Unity Foods to invest nearly Rs2bn in Sunridge Foods subsidiary

CDA decides to de-seal Centaurus Mall

India well placed to face global headwinds: World Bank

Ukraine slams India for buying Russian oil

Oil prices fall on higher U.S. dollar, economic fears

Goldman Sachs on hunt for bargain crypto firms after FTX fiasco

China's Xi to visit Saudi Arabia from Wednesday: Saudi state media