Shigenori Shiga Steps Down as Toshiba’s Chairman

Posted on:15 Feb 2017 09:33:43
Shigenori Shiga Steps Down as Toshiba’s Chairman
15 February 2017 Current Affairs: Toshiba Corporation’s Chairman Shigenori Shiga announced his resignation from the multinational conglomerate with effect from February 15, 2017 as the company faced huge losses of multi-billion-dollars.

Shiga is stepping down accepting his responsibility for his company’s financial challenges and operating losses.

The company issued a report forecasting a net loss of 390 billion yen ($3.4 billion) in the current fiscal year ending March 2017.

Besides, the company also faced a 712.5 billion yen (USD 6.3 billion) loss for its nuclear business related to the purchase of CB&I Stone & Webster by its US nuclear unit Westinghouse.

Though Shiga would step down from the board, he would stay on as a Toshiba executive

 

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