Toshiba CEO resigns amid controversy over $20b buyout bid

Toshiba CEO resigns amid controversy over $20b buyout bid

FILE PHOTO: Toshiba Corp's CEO Nobuaki Kurumatani attends a news conference at the company's headquarters in Tokyo, Japan, May 15, 2018. REUTERS/Issei Kato/File Photo

Toshiba Corp CEO Nobuaki Kurumatani resigned on Wednesday amid controversy over a $20 billion buyout bid from CVC Capital Partners and the conglomerate’s shares surged on reports that more suitors were planning offers.

Toshiba Chairman Satoshi Tsunakawa will become chief executive, the company said in a statement.

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