Toshiba boss quits over £780m accounting scandal
Toshiba’s boss has quit the Japanese electronics conglomerate over a 152bn yen (£780m) accounting scandal which the government said threatened to undermine investors’ confidence in the country.
Hisao Tanaka, president and chief executive, will be replaced by Toshiba’s chairman, Masashi Muromachi, on Wednesday. Tanaka’s predecessor, Norio Sasaki, who is vice chairman, will also quit.
Toshiba overstated its operating profits over several years in accounting irregularities involving its top management, independent investigators said on Monday.
Tanaka and Sasaki knew about the profit overstatement and created a pressurised corporate culture that prompted business heads to manipulate figures to meet targets, the investigators found.