Toshiba President and CEO Scott Maccabe sent a communication to the field addressing the recent resignation of Toshiba Corp’s CEO. While Toshiba Corp has their hands full with a pretty serious investigation, the news doesn’t appear to have any impact on subsidiaries such as Toshiba America Business Solutions (Tabs).

Here’s the bulletin that went to the field:

DATE: July 21, 2015
TO: Authorized Toshiba Dealers
FROM: Scott Maccabe, President & CEO BULLETIN #: MA2957

As you may be aware, Toshiba Corporation recently established a Special Investigation Committee to conduct an investigation into the company’s accounting procedures.

We would like to reinforce that this investigation and its results are in no way associated with Toshiba America Business Solutions (TABS). TABS is an independent operating company of Toshiba TEC Corporation which is listed separately on the Tokyo Stock Exchange (6588.T). TABS has an independent structure of corporate governance with multiple layers of accountability which include comprehensive quarterly audits by Ernst & Young, that target to meet or exceed the industry standard of Generally Accepted Accounting Principles (GAAP). As an American-based company, TABS is bound and aligned with those laws while TTEC our parent company, ensures strict compliance with J-SOX, Japan’s version of the U.S. Sarbanes Oxley Act. TTEC has been found fully compliant with its accounting practices.

The following is a brief outline of the history of events regarding this matter:

April, 2015

May, 2015 June, 2015

July, 2015

Toshiba Corporation establishes a Special Investigation Committee to conduct an internal examination of the appropriateness of the percentage-of-completion method of accounting used for projects undertaken by the company.

Toshiba Corporation widens the scope of the investigation and changes its framework to one conducted by an independent investigation committee.

All Toshiba subsidiaries perform a self-check and are audited by the company’s accounting firm, Ernst & Young ShinNihon LLC. At this time, Toshiba TEC (TABS parent company) is found fully compliant with no items being delegated to the independent investigation committee.

Results of independent investigation committee are shared with Toshiba Corporation and made public. No Toshiba TEC subsidiaries or groups identified in the results.

Should you receive any media inquiries regarding this matter, we ask that you direct them to Naomi Furuya, Head of Global Communications Team at Toshiba Corporation at Naomi.Furuya@toshiba.co.jp with a copy to Sally Anderson at Sally.Anderson@tabs.toshiba.com.