(Bloomberg) — Toshiba Corp. has reappointed Satoshi Tsunakawa, currently chairman of the company, as an executive officer to have him deal with its largest shareholder Effissimo Capital Management, according to people familiar with the matter said.The board approved the decision during a meeting on Wednesday, said the people, asking not to be identified because the matter is private. The move will give Tsunakawa a more central role as the tech icon navigates a flurry of deal negotiations.CVC Capital Partners made an offer to buy out Toshiba’s public shareholders, the company disclosed this week. The preliminary proposal is for 5,000 yen a share or about 2.28 trillion yen ($20.7 billion), Bloomberg News reported.Tsunakawa became the conglomerate’s president in June 2016 and led the company’s effort to restructure after its large-scale accounting scandal before he passed the baton to Nobuaki Kurumatani in 2018. Tsunakawa had stepped down as a representative executive officer last year.Singapore-based fund Effissimo has been increasing its pressure on Toshiba in recent months, including forcing the company to hold an extraordinary general meeting of shareholders in March. At that event, Toshiba shareholders approved the firm’s request for an independent investigation into director appointments at the annual shareholders’ meeting last year — despite Toshiba management opposition.That vote was considered a blow to Kurumatani. Effissimo has hired lawyers to investigate those appointments.A Toshiba spokeswoman declined to comment.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
