Toshiba chairman quits post over huge losses

pulse 11:46 - 14 February 2017

Toshiba chairman Shigenori Shiga

The company issued a forecast that said it was on track to report a net loss of 390 billion yen ($3.4 billion) in the current fiscal year to March.

Toshiba said Tuesday its chairman Shigenori Shiga was stepping down from his post as the company warned it was set to book multi-billion-dollar losses in its US nuclear business.

Hours after delaying the release of its financial results, the company issued a forecast that said it was on track to report a net loss of 390 billion yen ($3.4 billion) in the current fiscal year to March, with losses in its atomic division topping 700 billion yen.