Toshiba CEO quits after $1.2 billion in false profits is discovered

Toshiba lied about $1.2 billion of its profits, with its CEO and President leaving the company.

@anthony256
Published Tue, Jul 21 2015 5:16 AM CDT   |   Updated Tue, Nov 3 2020 12:05 PM CST

Toshiba is in some serious trouble right now, with its CEO and President, Hisao Tanaka, leaving the company after the Japanese electronics giant is attempting to recover from its $1.2 billion in profits being discovered as being false.

Toshiba CEO quits after $1.2 billion in false profits is discovered | TweakTown.com

Tanaka and two other executives have announced their resignations, with the three taking responsibility for the scandal. An independent investigation found that management had lied about operating profits over a six-year period so that Toshiba could meet its internal targets, all of which started in 2008, the year the GFC hit.

Masashi Muromachi, Toshiba's current Chairman, will reportedly fill the CEO role for the time being, where he'll also appoint a new management team. Toshiba has now lost a total of eight high-level executives in this scandal, with the company estimating a $442 million write down, but this estimate was very wrong, with it now ballooning out to almost triple that number.

NEWS SOURCE:engadget.com

Anthony joined the TweakTown team in 2010 and has since reviewed 100s of graphics cards. Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering.

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