Resigns

CEO Tanaka leaves the company over an 152 billion yen accounting disparity brought to light by an investigative report. The inflation of profits to meet targets was carried out not only on one or two projects, but across the board, sometimes because the projects weren’t even breaking even. At a press conference Tanka bows for nearly half a minute in a gesture meant to convey deep shame and contrition. Tanaka’s predecessors, Norio Sasaki, now a vice chairman, and Atsutoshi Nishida, an advisor, also give up their posts. Tanaka will be replaced by Masashi Muromachi, chairman of the board. Tanaka:

We have a serious responsibility. [The company will need to ] build a new structure [to reform itself]