Japan utility head resigns amid nuclear crisis

TEPCO has reported massive losses related to its nuclear power plant.

Tokyo: The president of Tokyo Electric Power Co says he will step down after the utility reported massive losses related to its nuclear power plant damaged by the March tsunami in northeastern Japan.

TEPCO president Masataka Shimizu told reporters on Friday at the utility`s Tokyo headquarters that he was stepping down and will announce a successor.

The move was widely expected as heads of major Japanese companies are expected to step down to take responsibility for scandals and other fiascos.
Three reactors at Fukushima Daiichi went into meltdown after a March 11 earthquake triggered a tsunami that destroyed the plant`s cooling systems — setting off the world`s worst nuclear crisis since Chernobyl.

Bureau Report