A statement from the Japanese conglomerate gave no reason for Nobuaki Kurumatani's resignation. However, he had faced criticism from activist shareholders over the bid from CVC, his former employer.
Toshiba's shares surged on reports that more suitors were planning offers on the electronics giant. In a meeting following the announcement, Toshiba's chairman Osamu Nagayama said CVC's bid was unsolicited and lacking in substance, and requires cautious consideration.
He said it is impossible to say how Toshiba would respond to the proposal, as it is not yet official. The board had no plans to fire Mr Kurumatani, who had helped lead Toshiba's recovery, Mr Nagayama said.
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