TOKYO—Japanese electronics and energy giant Toshiba Corp. said Tuesday that its chairman is resigning to take responsibility for problems that will result in a 713 billion yen ($6.3 billion) loss in its nuclear business.
Toshiba warned, however, that unaudited financial results it announced may change “by a wide margin.” It earlier delayed reporting its official financial results by a month, citing auditing problems related to the losses in its nuclear business. That sent Toshiba stock tumbling 8 percent in Tokyo trading.
The company said Shigenori Shiga, the chairman, will step down from the board but stay on as a Toshiba executive. He is quitting over huge losses from the acquisition of CB&I Stone & Webster by Toshiba’s U.S. nuclear unit, Westinghouse.
Toshiba said its net worth was in the negative, at minus 191 billion yen ($1.7 billion) at the end of last year, but the company hopes to fix that by the end of March.
