Kurumatani headed the
Some questions had been raised, both within and outside the
The CVC deal is estimated to be worth
Trading in the company’s shares was suspended when the news hit last week. Shares of Toshiba, whose sprawling business includes making elevators and railways, shot up on the CVC news, and have been trading at nearly
CVC is a European private equity firm, based in Luxembourg, which has committed nearly
But speculation has been growing other funds may offer better prices.
Kurumatani will be replaced as chief executive and president by his predecessor,
Tsunakawa oversaw some of the recent financial challenges at Toshiba. Before becoming CEO, in his previous stint from 2016, he had headed Toshiba's medical systems business, now a group company of Japanese camera and equipment maker
Toshiba, founded in 1875, was long revered as one of Japan’s respected brands, developing the nation’s first radar and microwaves, electric rice cookers and laptop computers.
It also invented flash memory, the ubiquitous computer chips that store and retain data for digital cameras, cell phones and other gadgets. Toshiba no longer makes laptops, and it has sold its computer chips division.
The company's fortunes began to crumble over its heavy investment in nuclear power. After the
Toshiba also had massive losses from the nuclear power operations of
In
In 2015, Toshiba acknowledged it had been systematically falsifying its books since 2008, as managers tried to meet overly ambitious targets. An outside investigation found it had inflated profits and hid massive expenses.
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