Tepco chairman reportedly to retire next June

JIJI

Tokyo Electric Power Co. Chairman Kazuhiko Shimokobe plans to step aside after a general shareholders’ meeting next June, sources said Friday.

Shimokobe believes that Tepco can pave the way for its business reconstruction after the disaster at the Fukushima No. 1 nuclear plant with the planned adoption of a revised special business program by the end of this month, sources said.

Tepco’s management and the government are expected to ask Shimokobe to stay on. At the same time, they will look for his successor, but that would appear to be difficult, according to the sources.

Shimokobe, former head of the steering committee of the Nuclear Damage Liability Facilitation Fund, a public-private body helping Tepco with compensation payments, played a leading role in the utility’s rationalization.

He became Tepco chairman in June 2012, succeed Tsunehisa Katsumata.

Shimokobe, who registered as a lawyer in 1974, took the post of vice president of the Japan Federation of Bar Associations in 2007.