BLOOMBERG: Nine executives, including the CEO, stepped down Tuesday after it was discovered the company fraudulently inflated profits.
BLOOMBERG: Nine executives, including the CEO, stepped down Tuesday after it was discovered the company fraudulently inflated profits.
Toshiba Corp. acknowledged a systematic cover-up, which began in 2008. Various parts of the Japanese company’s sprawling business including computer chips and personal computers were struggling financially, but top managers set unrealistic earnings targets under the banner of “challenge,” and subordinates faked results.
On top of its struggles in electronics, Tokyo-based Toshiba’s prospects in nuclear power, one of its core businesses, were shaken after the 2011 Fukushima disaster set off public fears about reactor safety, making new nuclear plants unlikely in Japan. All 48 of the nation’s working reactors are now offline.
