Toshiba CEO resign

Toshiba's chief executive and vice-chairman have resigned in the wake of an independent report on the company's 152 billion yen ($1.2 billion) accounting scandal, which accused the management of padding profits. But, nonetheless the engineering giant's stock has surged more than 6 percent Tuesday.

After the market close, Toshiba said

CEO Hisao Tanaka and Vice Chairman Norio Sasaki would resign, with Chairman Masashi Muromachi taking over as interim CEO.

Over several years, Toshiba's operating profit was inflated by around 152 billion yen in an accounting scandal that involved the company's top management, including the current and previous chief executives, an independent review said in a report Monday. That's around three times the company's initial estimate, according to a Reuters report.