Toshiba chairman quits as losses loom
Toshiba chairman Shigenori Shiga has resigned, hours after the company was forced to delay revealing details of a multi-billion dollar loss, BBC reports.
The Japanese conglomerate was expected to say it was writing off about $6bn (£4.8bn) at its US nuclear business.The company said Mr Shiga was stepping down “to take management responsibility for the loss”.
He will remain on the board until June to help deal with the fallout of the problems, Toshiba said. The financial chaos has led some analysts to warn the company’s future is at risk.
Toshiba has asked regulators for an extra month before issuing its earnings report – which will include the size of the loss and details of measures it plans to take to tackle its finances.
Shares fell by as much as 9% on Tuesday and have lost about 50% since late December, when it first warned about the extent of the problems.
