Toshiba chairman Shigenori Shiga quits post over huge losses

Tokyo: Toshiba said on 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 (USD 3.4 billion) in the current fiscal year to March, with losses in its atomic division topping 700 billion yen.