Toshiba Names Satoshi Tsunakawa President And CEO, Succeeding Nobuaki Kurumatani; Stock Up

Shares of Toshiba Corp. (TOSYY.PK,TOSBF.PK) were gaining around 5 percent in Japan trading on Wednesday after the Japanese conglomerate announced the appointment of Satoshi Tsunakawa to succeed Nobuaki Kurumatani as Representative Executive Officer, President and CEO.

The company said its board of directors has accepted the resignation of Kurumatani from the posts of Director, Executive Officer and Representative Executive Officer.

Tsunakawa joined Toshiba in 1979 and held many roles in the company. He was appointed Director, Representative Executive Officer, President & CEO in June 2016, and was appointed Chairman in April 2020.

Responding to reports about new appointments, the company earlier in the day said that its board would meet to discuss the appointment of representative executive officers.

Reports have appeared in several newspapers and wire services about the replacement of the company's representative Executive Officer, President and chief executive officer.

According to several reports, Kurumatani's resignation was due to issues regarding takeover offer from CVC Capital Partners inside the company.

Earlier this month, Toshiba said that it received an initial proposal from private equity firm CVC Capital Partners, and would ask for further clarification.

In Japan, Toshiba shares were trading at 4,840 yen, up 5.3 percent.

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