Topman Toshiba leaves unexpectedly

British investment company CVC submitted a $ 20 billion bid to Toshiba last week. It is suspected that CVC was invited to do so by Toshiba CEO, who wanted to get rid of the energetic contributors who had made his life miserable for some time. Before taking over leadership in 2018, Kurumatani (63) led CVC’s operations in Japan.

According to some sources, Toshiba’s board of directors was not pleased with CVC’s offer and withdrew its confidence in Kurumatani. This is denied in official communications. In a statement read at an online press conference, Kurumatani said he wants to spend more time with his family now that his mission to revive Toshiba is complete.

The board has appointed Satoshi Tsunakawa, 65, as its new CEO. He led this company until 2018, when Corumattani succeeded him. Tsunakawa hopes to quickly hand over his mandate to the younger character and says he wants to work on improving relationships with active contributors.

It remains unclear how the switch at the top of Toshiba will affect the CVC offering, one of the biggest purchases of all time in Japan.

Toshiba has been adrift for some time, following an accounting scandal and the largely unsuccessful takeover of its nuclear division. He has been targeted by active contributors. They want Toshiba management, which has a variety of activities, to clean and filter the partitions in order to boost profitability.

Tsunakawa opened the door in Toshiba to active shareholders with a major new share issue in 2018.

Toshiba has a very diverse contribution. The largest individual shareholder, with a 10 percent stake, is Singaporean activist Fund Effissimo.