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© alexskopje dreamstime.com Electronics Production | July 21, 2015

Scandal proved too much for Toshiba's CEO

After an independent panel found that top executives were involved in improper practices, Toshiba's CEO and president announced his retirement.
Toshiba hired an independent panel after irregularities came known in April 2015. The company has now received an investigation report from the panel which states that the company had overstated its operating profit.

As a result of this scandal, Toshiba's CEO and president Hisao Tanaka will resign.

“Going forward, we will renew our commitment to our original management policy, which puts the highest priority on human life, safety and compliance, and reorganize our corporate governance structure and internal control system. We will also promptly examine measures to prevent recurrence and will implement them thoroughly,” the company writes in a press statement.

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