President Of Toshiba Resigns Over Billion Dollar Accounting Scandal

President Of Toshiba Resigns Over Billion Dollar Accounting Scandal

10:17

The chief executive and president of one of the world's most recognizable consumer electronics brands, Toshiba, has resigned today over an accounting scandal that has rocked the company.

According to reports from CNN, Hisao Tanaka has stepped down as well as Norio Sasaki, vice chairman of the board, and Atsutoshi Nishida, a former Toshiba executive.

Toshiba, makes everything from consumer electronics to nuclear energy technology and has been under fire for months over accounting irregularities as the company overstated profits by 1.2 Billion Dollars over a five year period, according to the findings of an independent committee.

The company was founded in 1875, and made a name for itself by introducing technological advancements in Japan from electric washing machines to refrigerators, and later, the world's first color TV. 

Meanwhile, Toshiba's current chairman, Masashi Muromachi, has been named interim president.

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