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

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.

ALSO

‘Saturday Night Live’ ratings soar thanks to Baldwin’s Trump and McCarthy’s Spicer

Apple’s original TV production to begin small: ‘We are just starting out’

YouTube Red launches slate of original children’s programming