Toshiba CEO Hisao Tanaka resigned after it was revealed that he and some of the company's executives were complicit in falsely reporting overstated profits of $1.2 billion over the past six years.
Company Vice President Norio Sasaki and former president Atsutoshi Nishida also resigned, while current Toshiba president Masashi Muromachi will temporarily take over as CEO.
An independent committee revealed that three senior executives of the company had an active role in inflating the company's operating profits since 2008.
Toshiba is reportedly considering selling real estate and other assets that will help it recover after the scandal was revealed.
It is unclear whether the Securities and Exchange Commission will seek legal action against the company.
