4:34 pm - Friday October 17, 7890
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inernational

Toshiba chief executive resigns over scandal

Toshiba’s chief executive and president Hisao Tanaka has resigned after the company said it had overstated its profits for the past six years. He will be succeeded by chairman Masashi Muromachi, with vice-chairman Norio Sasaki also stepping down. On Monday, an independent panel appointed by Toshiba said the firm had overstated its operating profit by a total of 151.8bn yen ($1.22bn, £780m). The overstatement was roughly triple an initial estimate by Toshiba. [caption id="attachment_18310" align="alignright" width="624"]toshiba Toshiba has been facing comp...