Toshiba chief executive steps down

The president of Toshiba Corp. stepped down Wednesday, a week after the Japanese technology and manufacturing conglomerate said it was studying an acquisition proposal from a global fund where he previously worked, Report informs, citing foreign media.

Nobuaki Kurumatani tendered his resignation at a board meeting, and the board accepted, effective Wednesday, Tokyo-based Toshiba 6502, +5.55% said in a statement.

Kurumatani will be replaced as chief executive and president by his predecessor, Satoshi Tsunakawa, who remains on the board, first as COO and currently chairman, Toshiba said.

Kurumatani headed the Japan operations of CVC Capital Partners, which proposed the acquisition last week, before taking his post as chief executive of Toshiba in 2018.