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Toshiba's chairman Kobayashi to quit after aiding scandal reset

Earnings turnaround seen as good timing though company still beset by challenges

Yoshimitsu Kobayashi, Toshiba's chairman, intends to resign from the post after having led the company's rehabilitation from an accounting scandal. (Photo by Hiroyuki Kobayashi)

TOKYO -- Japanese electrical and electronic equipment maker Toshiba announced on Friday that Yoshimitsu Kobayashi, its chairman of the board, intends to resign from the post, a move seen as an indication the company has returned to a firm footing after the veteran executive was brought in to oversee its recovery from a wrenching scandal.

Kobayashi joined Toshiba as an outside director in September 2015 following the exposure of accounting fraud that dragged the company into a financial crisis. He was brought in as the company embarked on a deep-rooted management reconstruction.

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