{"id":136280,"date":"2015-07-21T08:16:32","date_gmt":"2015-07-21T08:16:32","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=136280"},"modified":"2015-07-21T08:16:32","modified_gmt":"2015-07-21T08:16:32","slug":"toshiba-chief-executive-to-resign-over-scandal","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2015\/07\/toshiba-chief-executive-to-resign-over-scandal\/","title":{"rendered":"Toshiba chief executive to resign over scandal"},"content":{"rendered":"
Toshiba’s chief executive and president Hisao Tanaka is to resign after the company said it had overstated its profits for the past six years.<\/p>\n
He will be succeeded by chairman Masashi Muromachi, with vice-chairman Norio Sasaki also stepping down.
\nOn Monday, an independent panel appointed by Toshiba said the firm had overstated its operating profit by a total of 151.8bn yen ($1.22bn, \u00a3780m).<\/p>\n
The overstatement was roughly triple an initial Toshiba estimate.<\/p>\n
‘Deeply apologise’<\/strong> “Because of this Hisao Tanaka, our company president, and Norio Sasaki, our company’s vice chairman… will resign today.”<\/p>\n Mr Tanaka, 64, and Mr Sasaki, 66, both joined Toshiba in the early 1970s.<\/p>\n
\n“It has been revealed that there has been inappropriate accounting going on for a long time, and we deeply apologise for causing this serious trouble for shareholders and other stakeholders,” the company said in a statement.<\/p>\n