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Toshiba’s CEO, Hisao Tanaka, has stepped down over his role in Japan’s biggest corporate scandal in years.

An independent investigation found that Tanaka was aware that the company had inflated its profits by $1.2 B over several years.

He will be replaced by Board Chairman, Masashi Muromachi, in an acting capacity.

Toshiba was founded in 1875 . It is now one of the world’s recognized consumer electronic brand.