The chief executive and president of Toshiba has resigned in the wake of an investigation that found the electronics company had overstated profits for six years.
An independent panel discovered accounting discrepancies to the
tune of 151.8bn yen (approximately €1.1bn).
Hisao Tanaka announced
his resignation in a press conference on Monday amid
news that vice chairman, Norio Sasaki would also be
leaving Toshiba. Chairman Masashi Muromachi will now take the
reigns of the company.
In a statement, the Japanese
manufacturer apologised to shareholders, investors and stakeholders and promised
to reflect on recommendations made by the independent investigation
committee.
The statement can be read in full here:
https://www.toshiba.co.jp/about/ir/en/news/20150720_1.pdf