TEPCO Head Resigns Amid Huge Losses

Masataka Shimizu steps down in disgrace over Fukushima disaster
By Newser Editors and Wire Services
Posted May 20, 2011 8:04 AM CDT
Tokyo Electric Power Co. President Masataka Shimizu, center, and other executives bow during a news conference on TEPCO's fiscal 2010 earning at the company's head office in Tokyo, May 20, 2011.   (Itsuo Inouye)

(Newser) – Tokyo Electric Power Co. President Masataka Shimizu said today he was stepping down in disgrace after reporting the biggest financial losses in company history. Shimizu, criticized for his low profile during the early days of the Fukushima Dai-ichi nuclear plant disaster, said he was resigning to take "responsibility" but vowed that the utility would continue doing its "utmost" to bring the plant under control. TEPCO reported that its losses for the fiscal year ended March 2011 totaled $15 billion—one of the biggest annual financial losses ever for Japan's corporate world. (Click to see dramatic new photos of the tsunami slamming into Fukushima.)

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