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TEPCO posts huge loss, president to step down
Source: Xinhua |
May 20, 2011, Friday
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Online Edition
Online Edition
TOKYO Electric Power Co said today its annual net loss reached 1.25 trillion yen (US$15 billion) and its president Masataka Shimizu said he will step down.
The troubled utility said it will appoint Managing Director Toshio Nishizawa to replace Shimizu, effective after a June shareholders meeting, in a move widely expected after its Fukushima nuclear plant went into Japan's worst nuclear crisis after the March 11 quake and ensuing tsunami.
The amount of TEPCO's net loss is the biggest ever for a non-financial Japanese firm.
The troubled utility said it will appoint Managing Director Toshio Nishizawa to replace Shimizu, effective after a June shareholders meeting, in a move widely expected after its Fukushima nuclear plant went into Japan's worst nuclear crisis after the March 11 quake and ensuing tsunami.
The amount of TEPCO's net loss is the biggest ever for a non-financial Japanese firm.
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