Only hours after celebrating their company's 112th anniversary in a solemn ceremony at Tokyo's sumo wrestling arena last week, Toshiba Corp. President Sugiichiro Watari and Chairman Shoichi Saba suddenly dashed to their corporate headquarters for an emergency board meeting. Then, at a hastily called news conference, the two executives resigned. That surprise gesture of contrition came less than a day after the Senate voted 92 to 5 to prohibit Toshiba and Kongsberg Vapenfabrikk, Norway's largest defense contractor, from selling any products in the U.S. for two to five years.
The sanction vote was intended to punish Toshiba, whose 50.1%-owned Toshiba Machine...
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