Cooking the books to lead to executive exodus at Toshiba

Posted on Thursday, Jul 16 2015 @ 19:06 CEST by Thomas De Maesschalck
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Toshiba may see the departure of over half of its executive board following severe accounting irregularities discovered by a third-party probe. The Japanese electronics giant is said to have reported false profits of up to 200 billion yen (around US$1.61 billion) over at least a five-year period. Reports mention Toshiba padded its profits to appear to be more closely competing with rival Hitachi.
According to a report in the Nikkei Asian Review, Hisao Tanaka has told 'close associates' of his intention to resign from his role of president of technology giant Toshiba. Several other executives, totalling more half the board and including former president and vice chair Norio Sasaki whom Tanaka replaced in 2013, are expected to follow Tanaka out of the door as the company seeks to clean its image.

The executive departures are due to be announced when the third-party panel releases its findings in an accounting probe which has investigated financial mismanagement covering the tenure of the three former presidents: Tanaka, Sasaki, and Atsutoshi Nishida, presently a consultant for the company.
Source: Bit Tech

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Thomas De Maesschalck

Thomas has been messing with computer since early childhood and firmly believes the Internet is the best thing since sliced bread. Enjoys playing with new tech, is fascinated by science, and passionate about financial markets. When not behind a computer, he can be found with running shoes on or lifting heavy weights in the weight room.

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