Westinghouse accepts resignation of incoming CEO, installs interim officer

Pittsburgh, April 3, 2012 — The Westinghouse Electric Co. board of directors accepted the resignation of Jim Ferland, previously announced as incoming president and CEO, and that Chairman of the Board Shigenori Shiga would assume the role of president and CEO on an interim basis, effective immediately.

Shiga, a nuclear professional with more than 30 years of experience, was appointed as the board's chairman in 2010, and previously served as Toshiba's chief coordination officer since it acquired Westinghouse in 2006.

Current Chief Operating Officer Ricardo "Ric" Perez will maintain his current duties and assist Shiga during the search for a new president and CEO.

In accepting his interim role as president and CEO, Shiga said that he was extremely confident and respectful of the existing Westinghouse senior management staff. "I am certain that they and the 14,000 Westinghouse employees will continue their excellent work to fulfill our commitments to customers and to the nuclear industry."

The Westinghouse board is confident that Shiga and the existing senior management staff will continue to successfully manage the company as it seeks a new president and CEO to lead the company.

Westinghouse Electric Co., a group company of Toshiba Corp., is a nuclear energy company and supplier of nuclear plant products and technologies to utilities throughout the world.

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