- 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):
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.
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