Japan’s Tepko President Resigns on $15.3 Billion Loss

Japan’s Tepko President Resigns on $15.3 Billion Loss

Tokyo May 21, 2011

Masataka Shimizu, president of Tepco has resigned after the firm showed a loss of $15.3 billion. Tepco operates the Fukushima nuclear power plant which was badly damaged in the earthquake and tsunami that hit Japan on 11 March. There are reports that plant is still emitting radiation.

Addressing a media conference, Masataka Shimizu said: "I wanted to take managerial responsibility and bring a symbolic close,"

He further said   "We put the highest importance on experience and expertise in our business operations when we chose the person for the top post,"

Tepco Managing director, Toshio Nishizawa will be the next president.