Toshiba CEO and vice-chairman resign after falsely declaring $1.2 billion profits

Jul21

by Sindy Cator on July 21, 2015 at 10:34 am

Toshiba’s CEO Hisao Tanak is stepping down after an investigation unearthed that company executives were complicit in misreporting earnings of $1.2 billion (¥151.8 billion) over the past six years. The company’s vice-chairman Norio Sasaki and former president Atsutoshi Nishida have also resigned. Masashi Muromachi, Toshiba’s current chairman, will be taking over as an interim CEO. An independent panel hired by Toshiba implicated the company’s three most recent chief executives, saying each had an active role in inflating the company’s operating profits since 2008 The report states: The improper accounting procedures were continuously carried out as a de facto policy of the…