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Toshiba chairman steps down because of huge nuke loss

Toshiba chairman steps down because of huge nuke lossJapanese electronics and energy giant Toshiba Corp. chairman resigns in order to take responsibility for problems that will result in a 713 billion yen ($6.3 billion) loss in its nuclear business, AP reported on Tuesady.

Toshiba warned that all the estimates it announced Tuesday may change "by a wide margin," because of uncertainties. Earlier, it delayed the reporting its official financial results by a month, citing problems with auditing 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 will remain as a Toshiba executive. He is quitting over the big losses related to the acquisition of CB&I Stone & Webster by its 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 it said it hopes to take measures to fix that by the end of March.
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