5 Hitachi Metals Execs to Quit over Data Manipulation

Economy Society

Tokyo, May 28 (Jiji Press)--Hitachi Metals Ltd. <5486> has said that President Koji Sato, 58, and four other executives will step down at the end of May to take responsibility for a quality test falsification scandal.

Chairman Mitsuaki Nishiyama, 63, who is from Japanese machinery giant Hitachi Ltd. <6501>, the parent of Hitachi Metals, will concurrently serve as president, according to the announcement on Wednesday.

Hitachi Metals, listed on the first section of the Tokyo Stock Exchange, said in late April that it had been manipulating quality inspection data for magnets and other products for over 10 years. A team comprising outside experts is investigating details of the scandal.

The five were executive officers at the time of the falsification and were in the position to correct the malpractice, Nishiyama said in a press conference over the phone. "They offered to step down when we were discussing the state our company," Nishiyama added.


[Copyright The Jiji Press, Ltd.]

Jiji Press