Tepco head quits after $15bn loss

The future of Tepco President Masataka Shimizu has been in question since the earthquake

Tokyo Electric Power (Tepco), which operates the crippled Fukushima nuclear power plant, is expected to reshuffle its top management as it reports one of the biggest losses in Japanese corporate history.

The company is due to announce full-year earnings at 1530 in Tokyo.

Speculation has swirled about the future of the firm, which provides a third of Japan’s power.

It is facing billions of dollars in losses and compensation claims.

On Friday, the Nikkei newspaper and the national broadcaster NHK said that the company would announce a major reshuffle of its top management.

President Masataka Shimizu and Chairman Tsunehisa Katsumata have both stated earlier that they would step down once the crisis was resolved or under control.

A report by Japan’s top-selling Yomiuri newspaper said Mr Shimizu would step down later on Friday.

Tepco declined to comment on the reports when contacted by the BBC.

The company has been struggling since the earthquake and tsunami hit Japan on 11 March.

Its Fukushima nuclear plant was severely damaged and has been leaking radiation ever since.

Thousands of people have been evacuated from the region around the nuclear plant and the company has been charged with cleaning up the problem and paying compensation to the victims.

Yuuichiro Nakajima, an investment banker at Crimson Phoenix discusses the future of Tepco

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