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Toshiba’s CEO Steps Down, Raising Doubt Over Buyout Offers

  • Kurumatani will be replaced by Chairman Tsunakawa, former CEO
  • The abrupt change at the top casts buyout offers in doubt
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Toshiba Corp. said Chief Executive Officer Nobuaki Kurumatani will be replaced by Chairman Satoshi Tsunakawa, an abrupt leadership reshuffling that casts doubt on potential buyout offers for the $20 billion Japanese icon.

Toshiba said the changes are effective immediately in an announcement Wednesday. The company will soon begin considering successors for Tsunakawa, who returns to the CEO job he held previously, said Osamu Nagayama, chairperson of the board, during a press conference in Tokyo.