4/13, 5:10 PM (Source: TeleTrader)
more TeleTrader news

Toshiba CEO to resign - report

Toshiba Corp. CEO Nobuaki Kurumatani (pictured) is expected to step down from his duties amid a decline in trust in his leadership abilities, Nikkei reported on Tuesday.

According to the report, the resignation will be announced on Wednesday, April 14, during a meeting of Toshiba's board. The Chairman of the company Satoshi Tsunakawa is believed to be Kurumatani's successor. Toshiba's nomination committee has allegedly been pushing for the move, as claims of Kuramatani's clashes with shareholders surfaced, as well as a report that more than half of senior managers in the company expressed a lack of confidence in the CEO.

The news comes on the heels of reports of the global private equity firm CVC Capital Partners looking to privatize Toshiba in a deal valued at nearly $20.8 billion or 2.3 trillion yen, with the company saying the proposal is going to be under review after further clarifications.

Breaking the News / OL