Toshiba president quits over $1.2 billion scandal

Accounting scandal was blamed on management's overzealous pursuit of profit

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Toshiba president Hisao Tanaka and his predecessor Norio Sasaki quit the company on Tuesday as one of Japan's best-known firms was hammered by a $1.2 billion accounting scandal blamed on management's overzealous pursuit of profit.

The two men were among eight high-level executives at the sprawling conglomerate to take the fall, resigning after an independent report found senior management complicit in a years-long scheme to pad profits.

Following the news of the resignation, Toshibas shares have gone up by six percent.

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