Toshiba CEO, Top Execs Resign In Wake Of $1.2 Billion Scandal

By 11:09 Mon, 26 Jul 2021 Comments

Toshiba's CEO Hisao Tanaka has resigned following a recent revelation that the company overstated as much as $1.2 billion in profits over the past six years. In addition to Tanaka, two other top executives, including vice-chairman Norio Sasaki and former president Atsutoshi Nishida have also stepped down.

The revelation about the poor accounting came in a report, which was produced by an independent panel that was hired by the electronics giant to investigate past book-keeping practices. The report assumed that the company management lied about operating profits in an effort to meet its internal goals.

Current chairman Masashi Muromachi will be the interim CEO until Toshiba finds a recent leader, the Japanese company said.

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