Toshiba CEO Resigns in $1.2 Billion Scandal
The chief executive of Toshiba resigned Tuesday in response to revelations the company inflated its profits by $1.2 billion over the course of several years.
An independent report blamed the scandal on pressure from company leaders to meet difficult targets and a corporate culture that did not allow for employees to challenge their bosses.
CEO Hisao Tanaka bowed before cameras in Tokyo and took blame for the scheme, which dates back to 2008.
"The responsibility lies in the management, including myself," he said. "As a response, I am stepping down from the post as the CEO and president."
Toshiba Chairman Masashi Muromachi will serve as an interim replacement for Tanaka.
Two other high-level Toshiba figures, Norio Sasaki and Atsutoshi Nishida, are also stepping down for their involvement.
The company's stock rose six percent Tuesday, rebounding from recent losses.
Nigerian President Buhari to Meet Kerry
U.S. Secretary of State John Kerry hosts Nigerian President Muhammadu Buhari at the State Department Tuesday, as the African leader continues a four day U.S. visit.
On Monday, the Nigerian leader met with President Barack Obama at the White House to discuss the threat posed by Boko Haram militants and other issues.
Mr. Obama praised the recent election in Nigeria marking the first democratic transfer of power since the end of military rule in 1999.
“We saw an election in which a peaceful transition to a new government took place," Obama said. "It was an affirmation to Nigeria’s commitment to democracy.”
He added he is very concerned by Boko Haram attacks and he believes President Buhari has a clear agenda about defeating the group and rooting out corruption that has held Nigeria's economic prosperity back.
Mr. Obama said he looks forward to discussing how the United States and Nigeria can cooperate on counterterrorism issues.
The four-day trip is Mr. Buhari's first to Washington since taking office in May in a rare peaceful transition of power in Nigeria.