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Shigenori Shiga Toshiba chairman quits post over huge losses

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.

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Toshiba chairman Shigenori Shiga play

Toshiba chairman Shigenori Shiga

(AFP)

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.

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