Hisao Tanaka, CEO of Toshiba, stepped down following an accounting scandal. In a significant management overhaul, eight board members – including Vice Chairman Norio Sasaki – also relinquished their positions. Toshiba’s existing chairman, Masashi Muromachi, has since been appointed as the interim president.
Toshiba, a Japanese conglomerate producing everything from consumer electronics to nuclear energy technology, has been grappling with months of reproach over accounting discrepancies. An independent committee reports that the company inflated profits by a whopping 151.8 billion yen ($1.2 billion) over a span of seven years.
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