Money | Toshiba Toshiba's CEO Bails Over $1.2B Scandal Investigation finds executives inflated profits, hid irregularities By Arden Dier Posted Jul 21, 2015 7:41 AM CDT Copied Toshiba Corp. CEO Hisao Tanaka, center, bows with chairman Tadashi Muromachi, left, and executive director Keizo Maeda during a press conference to announce his resignation in Tokyo, Tuesday, July 21, 2015. (AP Photo/Shizuo Kambayashi) Nine top officials at Toshiba, including CEO Hisao Tanaka, have resigned to take blame for Japan's biggest accounting scandal since 2011, report the AP and Bloomberg. Toshiba began probing accounting anomalies two months ago and says it must now correct earnings by $1.2 billion. An investigation found executives inflated profits to meet unrealistic targets over six years. Though the irregularities were "skillfully" hidden, no charges have been laid. "For the company to rebuild there needs to be a renewal of the management structure," says Tanaka, to be replaced by Chairman Masashi Muromachi. Read These Next US deports more than 100 Iranians. Tossed beers, hostile fans take the spotlight at Ryder Cup. North Carolina shooting suspect once walked the red carpet. Skydivers leap from plane 2 minutes before fatal crash. Report an error