Toshiba CEO steps down amid turmoil over buyout offer

Toshiba on Wednesday said that its President and CEO Nobuaki Kurumatani is stepping down effective immediately. He will be replaced by Chairman Satoshi Tsunakawa, the company added. The move comes after the firm's board raised questions over a buyout offer from CVC Capital Partners, where Kurumatani formerly headed Japanese operations. The deal was reportedly valued at over $20 billion.