SAITAMA: Toshiba’s president Nobuaki Kurumatani has resigned, the firm announced on Wednesday, as a buyout offer from a private equity fund reportedly stirs turmoil inside the Japanese company. The resignation came as reports said two other funds were considering their own offers for the Japanese household name, potentially setting up a bidding war.

In a statement, Toshiba said the board had accepted Kurumatani’s resignation, without giving details on why he had asked to step down. He will be replaced by chairman Satoshi Tsunakawa, the firm said. The move comes as board members raise questions about the buyout offer from CVC Capital Partners, where Kurumatani formerly headed Japanese operations.