President of Tepco Resigns in Wake Nuclear Plant Meltdown

Tokyo Electric Power Co. President Masataka Shimizu, criticised for his low profile during the disaster's early days, vowed that the utility would continue doing its "utmost" to bring the Fukushima Dai-ichi plant under control.

The utility known as Tepco said Managing Director Toshio Nishizawa, 60, who has been with the company 36 years, will replace Masataka Shimizu, 66, as president. He’ll lead a drive to raise 600 billion yen from selling assets and complete a restructuring plan by the end of the year. The utility booked a 1.1 trillion yen charge related to costs for the worst nuclear crisis since Chernobyl in 1986.

Japan's Tokyo Electric Power on Friday posted a record $15 billion loss and its under-fire president resigned to take responsibility for the worst nuclear crisis since Chernobyl 25 years ago.