Toshiba president quits over $1.2 billion scandal
Accounting scandal was blamed on management's overzealous pursuit of profit
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.