Toshiba Deeply Apologizes As CEO Resigns

Toshiba CEO Hisao Tanaka has resigned following a $1.2bn (€1.1bn) accounting scandal blamed on management’s overzealous pursuit of profit.

Tanaka is among eight high-level executives at the sprawling conglomerate to take the fall, resigning after an independent report found senior management complicit in a years-long scheme to pad profits.

In a statement to investors Toshiba “deeply apologized” to its shareholders.

The overstatement was roughly triple an initial Toshiba estimate.

Tanaka will be succeeded by chairman Masashi Muromachi.

More details Here: Toshiba resigns over $1.2bn accounting scandal CEO

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