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Hisao Tanaka, Toshiba’s chief executive and president has resigned after the Japanese technology manufacturer was found to have made inaccurate accounting claims.
His resignation came in a day after an outside investigation found the company overstated profits by 151.8 billion yen ($1.2 billion) over a seven year period.
“The company takes the situation it has caused very seriously and we deeply apologise to our shareholders, investors and all other stakeholders,” a press release from the firm stated.
Tanaka will be succeeded by chairman Masashi Muromachi, with vice-chairman Norio Sasaki also stepping down.