Toshiba's CEO Bails Over $1.2B Scandal

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.