20 May '11, 4am

TEPCO to post huge loss, president to resign: reports

TEPCO to post huge loss, president to resign: reports

TOKYO: Tokyo Electric Power on Friday posted the biggest ever loss for a Japanese firm outside the financial sector after being hit by huge costs as a result of the worst nuclear crisis since Chernobyl. The beleaguered utility posted an annual net loss of 1.25 trillion yen ($15 billion) and said its president Masataka Shimizu will step down over the crisis at its crippled Fukushima Daiichi nuclear plant. TEPCO will appoint Managing Director Toshio Nishizawa to replace Shimizu, effective after a June shareholders meeting. "We are facing the biggest crisis of our company. I regard it as my fate to lead our efforts in this difficult time, and accepted the offer to be named the president," Nishizawa told a press conference. "First and foremost, we will give our all to bring to an end the accident at the Fukushima Daiichi power plant." Earlier this week TEPCO said its plan to e...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific/vi...

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