Toshiba Chairman Resigns After Huge Losses in US Market

Tokyo, Toshiba Corporation says its chairman Shigenori Shiga will officially resign on Wednesday to take responsibility for the huge losses from its nuclear power business in the United States. The Japanese industrial conglomerate made the announcement…

Tokyo, Toshiba Corporation says its chairman Shigenori Shiga will officially resign on Wednesday to take responsibility for the huge losses from its nuclear power business in the United States.

The Japanese industrial conglomerate made the announcement on Tuesday.

Shigenori Shiga will remain an executive officer until a shareholders’ meeting is held in June.

Toshiba expects to post a loss of 712.5 billion yen, or USD 6.3 billion from its US nuclear business.

The final loss for the April-December period is expected to total 4.4 billion dollars. The final loss for the fiscal year that ends next month is expected to total 3.4 billion dollars.

Toshiba had been scheduled to release its official earnings report on Tuesday.

But Toshiba says additional reviews have become necessary after it received internal reports that the accounting of the firm’s US subsidiary, Westinghouse, had been handled inappropriately.

The company now says it expects to release the earnings report in about a month as it has to investigate the matter.

Shiga was the chairman of Westinghouse from July 2010 until January 2014. He remained in charge of the nuclear power business even after he became the chairman of Toshiba in June last year.

Source: Qatar News Agency