Toshiba CEO quits in $1.2 billion accounting scandal
Toshiba's president and CEO Hisao Tanaka is stepping down after an investigative panel found that company executives were complicit in misreported earnings. The independent report said that Toshiba had exaggerated its operating profit by ¥151.8 billion ($1.2 billion) over the past six years. Vice chairman and former CEO Norio Sasaki is also out, and current chairman Masashi Muromachi will take over the role of interim CEO from tomorrow.
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