Accounting scandal: Toshiba chief executive Hisao Tanaka resigns
July 22 , 2015
Hisao Tanaka, the president and chief executive of Japanese firm Toshiba, has resigned after the company admitted it had overstated profits for six years. Chairman Masashi Muromachi will take over as the new chief executive.
Norio Sasaki, the firm’s vice-chairman, has also quit in what is one of the most damaging scandals in Toshiba's history.
An independent panel appointed by the company said Toshiba had overstated its operating profits by a total of $1.22 billion. In a statement, the company said it “deeply apologize[d]” for the “inappropriate accounting”.