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Toshiba Corp.’s Chief Executive Officer Nobuaki Kurumatani will be replaced by Chairman Satoshi Tsunakawa, an abrupt leadership reshuffle that casts doubt over buyout offers that could value the Japanese icon at around ¥2.3 trillion.

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 news conference in Tokyo.

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