(TOKYO) -- The president of the power company that operates Japan's crippled Fukushima Daiichi nuclear power plant announced Friday that he will step down from his position.
Masataka Shimizu's resignation comes as Tokyo Electric Power Co. reported a record net loss of nearly $15 billion for the fiscal year ending in March. That loss is greatly due to the March 11 earthquake and tsunami that rocked Japan, damaging the Fukushima Daiichi plant and spreading fears of a nuclear crisis.
Shimizu also announced that TEPCO will scrap four of the power plant's damaged reactors, units one through four. Plans to build two new reactors at Fukushima Daiichi will also be abandoned.
TEPCO's current managing director, Toshio Nishizawa, will step in as the company's new president. His takeover will be made official in June.
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