Worried about the 20 Tokyo Electric Power Co. (TEPCO) executives resigning for their roles in Japan’s March 2011 Fukushima nuclear crisis? Concerned about what the utility companies’ directors, and even president, will do after their mismanagement and incompetence led to the world’s worst nuclear disaster in the last 25 year? Well, worry yourself no longer dear reader, for eight of the 20 former TEPCO executives have landed comfortable, lucrative positions at other companies, most of them remaining utility company field.
How about we start with TEPCO’s executive vice president? Masaru Takei will become an outside auditor for Arabian Oil Co., which is a subsidiary of AOC Holdings Inc. And guess which crisis-mismanaging Japanese utility company owns 8.7% of AOC? That’s right, everyone’s favorite, TEPCO. Also taking up the role of auditor is TEPCO’s former Managing Director, Takao Arai, who will join Fuji Oil Co., another AOC subsidiary. But let’s not forget about Masataka Shimizu, the former president of the utility company, who stepped down from his position last June. He will become on of Fuji Oil’s outside board members. Whew! I was really worried about him too; couldn’t stand the thought of him not making close to six figures.
The blessed “golden parachutes” will also be saving other executives from any repercussions whatsoever, like Chairman Tsunehisa Katsumata, who will work as an outside board member at Japan Atomic Power Co. Hiroaki Takatsu, a former Managing Director, will be elevated all the way to president of Toko Electric Corp., a company that manufacturers electric products. As of Wednesday’s TEPCO shareholders meeting, a total of 20 directors and auditors will have resigned. I don’t know about you, but now I can finally sleep at night knowing that eight of these men of quality will continue their fine legacy at other Japanese companies.