Toshiba Corp. CEO Hisao Tanaka speaks during a press conference to announce his resignation at the company’s headquarters in Tokyo, Tuesday, July 21, 2015. AP
TOKYO — Toshiba’s chief executive is stepping down to take responsibility for doctored books that inflated profits at the Japanese technology manufacturer by 151.8 billion yen ($1.2 billion).
Toshiba acknowledged a systematic cover-up, which began in 2008, as various parts of its sprawling business including computer chips and personal computers were struggling financially.
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.
CEO Hisao Tanaka is meeting reporters later Tuesday to formally announce his resignation. Japanese government officials said they have been notified of the plan.
Toshiba has repeatedly apologized to shareholders and customers.