TEPCO's Chairman and President to Resign As TEPCO Is Being Effectively "Nationalized"


  • TEPCO's Chairman and President to Resign As TEPCO Is Being Effectively "Nationalized"

    a la GM and AIG. Nothing new under the sun.

    Chairman Katsumata and President Nishizawa will resign as the money from the government (to be collected ultimately from taxpayers of course) flows in to support TEPCO's operations to the tune of 2 trillion yen (US$25 billion).

    From Fukushima Minpo (12/22/2011):

    東京電力と原子力損害賠償支援機構は22日、公的資金による資本注入を受けるため、経営陣を刷新する方向で検討に入った。今年6月に就任した西沢俊夫社長のほか、勝俣恒久会長ら福島第1原発事故の発生時に代表権を持っていた経営陣はすべて辞任する見通しだ。勝俣会長の後任は外部から招く予定。新社長については内部昇格で調整している。

    TEPCO and the Nuclear Damage Liability Facilitation Fund [set up by the national government] started discussion on December 22 to reshuffle the top management in order to receive the public fund. It is likely that all directors with representation right when the Fukushima I Nuclear Plant accident happened will resign, including President Toshio Nishizawa, who became the president in June, and Chairman Tsunehisa Katsumata. The new chairman will be selected from outside the company, while the new president is likely to be promoted to the position from within.

    Source: ex-skf.blogspot.com