By Rebecca Stewart

Toshiba takes our brand of day crown following chief executive Hisao Tanak’s dramatic departure, which was announced earlier this morning.

Tanak is stepping down after an investigation found that the multinational had been overstating its profits since 2009.

Vice-chairman, Norio Sasaki and former president, Atsutoshi Nishida have also resigned; with current chairman Masashi Muromachi, set to take over as interim chief executive.

An independent panel established that the trio were involved in misreporting earnings of up to $1.2bn, according to BBC News.

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Source: The Drum