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Tepco Picks 36-Year Company Man to Fix Culture of Complicity

Tokyo Electric Power Co.’s choice of a 36-year company veteran to resolve the worst nuclear crisis since Chernobyl and avert bankruptcy prompted calls for the government to take a more direct role in managing the utility.

Tepco, as the company is called, on May 20 picked Toshio Nishizawa, 60, to replace Masataka Shimizu, who resigned following a $15 billion loss, the biggest on record for a non-financial Japanese company. Nishizawa spent most of his career in corporate planning, a period that saw a series of scandals causing the departure of three previous presidents. Tepco shares fell 9 percent today after the loss.