July 21, 2015 / 8:23 AM / 4 years ago

Toshiba's outgoing CEO says replacement by chairman is temporary

TOKYO (Reuters) - Toshiba Corp’s (6502.T) chief executive, who stepped down on Tuesday after an independent investigation found he played a role in accounting irregularities, said his replacement by the company’s chairman would be temporary.

In a news conference, CEO and President Hisao Tanaka said Chairman Masahi Muromachi will take on the role “as a temporary measure”.

The investigation results released on Monday said Toshiba had overstated its operating profit by 151.8 billion yen ($1.22 billion) over several years, roughly triple Toshiba’s initial estimate of the misreporting.

Reporting by Ritsuko Ando and Taiga Uranaka; Editing by Rachel Armstrong

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