It has just been revealed that Toshiba Corp. president Hisao Tanaka will no longer be with the company. This comes after it was revealed by an investigation that the company had reported over $1.2 billion in false profits over the course of six years. Tanaka along with two other executives will resign as an apology for having let this occur.
Masasshi Muromachi has been declared as a temporary chief executive while everything is being sorted out. Toshiba is currently looking into selling properties in order to balance the books and get things back on track.
[source Bloomberg Business]