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.
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