The Wall Street Journal-20080123-Tokyo Electric Names President

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Tokyo Electric Names President

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Tokyo Electric Power Co. Vice President Masataka Shimizu was selected as president, pending approval at its shareholders meeting and subsequent board meeting in June.

He will succeed Tsunehisa Katsumata, who will become chairman of the company, known as Tepco, Japan's largest power utility by capacity.

Mr. Shimizu will likely face a number of challenges, with the utility expecting to fall into the red for the fiscal year ending in March. It has been hit by skyrocketing fuel prices as well as expenses to repair an earthquake-damaged nuclear power plant.