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Toshiba names new CEO after accounting scandal

Satoshi Tsunakawa was named as Toshiba's next CEO following a $1.22 billion accounting scandal.

Toshiba's incoming CEO Satoshi Tsunakawa (left) speaks during a press conference at the company headquarters in Tokyo.

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Toshiba veteran Satoshi Tsunakawa on Friday was named to replace CEO Masashi Muromachi.

In July 2015, Toshiba President and CEO Hisao Tanaka left the Japanese electronics giant following an accounting scandal. Toshiba over-stated profits by 151.8 billion yen (around $1.22 billion, £780 million or AU$1.6 billion) between 2008 and 2014, according to an independent investigation

Tsunakawa will succeed Muromachi as chief executive in June pending shareholder approval, the company said. Muromachi will stay on with Toshiba as a special advisor.