Toshiba chairman resigns as company reports €5.9 billion nuclear loss

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Japanese electronics and energy giant Toshiba has said its chairman is resigning to take responsibility for problems that will result in a 713 billion yen (€5.9 billion) loss in its nuclear business.

Toshiba warned that all the estimates it announced on Tuesday may change “by a wide margin” because of uncertainties.

Earlier, the company delayed reporting its official financial results by a month, citing problems with auditing related to the losses in its nuclear business. That sent Toshiba shares tumbling 8% in Tokyo trading.

The company said chairman Shigenori Shiga 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 US nuclear unit, Westinghouse.

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