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Toshiba chairman resigns after company suffers $6.3-billion loss in its nuclear business

Toshiba stock tumbled 8% in Tokyo trading after its earnings weren't announced as scheduled. The company's chairman has resigned after a loss in its nuclear business.
(Koji Sasahara / Associated Press)

Japanese electronics and energy giant Toshiba Corp. says its chairman is resigning to take responsibility for problems that will result in a $6.3-billion loss in its nuclear business.

Toshiba warned that all the estimates it announced Tuesday may change “by a wide margin,” because of uncertainties. Earlier, it delayed the reporting of its official financial results by a month, citing problems with auditing related to the losses in its nuclear business. That sent Toshiba stock tumbling 8% in Tokyo trading.

The company said Shigenori Shiga, the chairman, will step down from the board but will remain as a Toshiba executive. He is quitting over the big losses related to the acquisition of CB&I Stone & Webster by its U.S. nuclear unit, Westinghouse.

Toshiba said said its net worth was in the negative, at minus $1.7 billion at the end of last year, but it said it hopes to take measures to fix that by the end of March.

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