Tepco president quits as firm reports $15bn loss

Masataka Shimizu will be replaced by managing director Toshio Nishizawa.

Tepco's loss is a record for a non-financial firm in Japan.

The earthquake and tsunami that hit Japan on 11 March severely damaged the Fukushima plant and it has been leaking radiation ever since.

Mr Shimizu spoke to a packed news conference at its headquarters in Tokyo with Mr Nishizawa standing to his left.

"I wanted to take managerial responsibility and bring a symbolic close," said Mr Shimizu.

"We put the highest importance on experience and expertise in our business operations when we chose the person for the top post," he added.

His resignation had been widely expected.

Compensation

The net loss of 1.25tn yen in the year to the end of March was the biggest in Japan's corporate history outside the financial sector. In the previous financial year, the company had reported a profit of 134bn yen.

Tepco's share price has fallen more than 80% since the earthquake.

"We want to sincerely apologise for our nuclear reactors in Fukushima causing so much anxiety, worry and trouble to society," Mr Shimizu said.

He was criticised for not making any public appearances in the two weeks after the disaster; Kazinform cites BBC News.

To learn more see www.bbc.co.uk