Toshiba CEO resigns over $1.2billion accounting scandal

‘Toshiba CEO Hisao Tanaka has resigned after an independent investigation showed he knew about overstated corporate profits for seven years. The accounting irregularities of $1.22 billion involved top management.

After resigning, Tanaka said he would be temporarily replaced by Chairman Masashi Muromachi. Toshiba is considering appointing outside directors to over half of its board seats, he added.

The other executives and board members who stepped down are vice-presidents Hidejiro Shimomitsu, Masahiko Fukakushi, Kiyoshi Kobayashi and Toshio Masaki, and Keizo Maeda the representative executive officer.

“I see this as the most damaging event for our brand in the company’s 140-year history,” Tanaka said after the news conference where he announced he was stepping down.’

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