Hisao Tanaka on 21 July 2015 resigned as Chief Executive Officer (CEO) and President of Toshiba. He will be succeeded by Masashi Muromachi, who is presently the Chairman of Toshiba.
Moreover, Toshiba's other officials Norio Sasaki and Atsutoshi Nishida also resigned as Vice Chairman and Advisor, respectively.
Background
Hisao Tanaka resignation came as a backdrop of appointment of an independent panel by Toshiba which pointed that the firm had overstated its operating profit by a total of 151.8bn yen (1.22 billion US dollar).
The panel submitted a report to the company on 20 July 2015 asserting that top management intended to pad profits and delay reporting losses.
About Toshiba
Toshiba Corporation is a Japanese multinational conglomerate corporation headquartered in Tokyo, Japan. Its diversified products and services include information technology and communications equipment and systems, electronic components and materials, power systems, industrial and social infrastructure systems, consumer electronics, household appliances, medical equipment, office equipment, lighting and logistics.
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