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Business

Toshiba chief to resign in September

More than half of Toshiba's directors are expected to step down over the scandal.

TOKYO -- Toshiba President Hisao Tanaka will likely step down in September to take responsibility for the company's escalating accounting scandal.

     He told close associates Tuesday of his intention to resign. Speculation over his resignation was growing after third-party investigators discovered that he was among the top officials who allegedly instructed subordinates to delay booking losses in the infrastructure business.

     Tanaka hopes to put in place measures to prevent recurrences before a special shareholders meeting in September. He also intends to ensure that a new management team is ready to take over.

     Toshiba is expected to announce his resignation when the investigative committee releases its report next week.

     Tanaka took the helm in 2013, replacing Norio Sasaki, who is currently vice chairman. Sasaki is seen stepping down, too, as well as other current directors. More than half the board is expected to resign at the shareholders meeting.

     The Japanese company will belatedly announce its fiscal 2014 earnings at the meeting.

(Nikkei)

 

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