Toshiba president Hisao Tanaka and his predecessor Norio Sasaki quit the company on Tuesday as one of Japan's best-known firms was hammered by a $1.2 billion accounting scandal blamed on management's overzealous pursuit of profit.

The two men were among eight high-level executives at the sprawling conglomerate to take the fall, resigning after an independent report found senior management complicit in a years-long scheme to pad profits.
Source: AFP