Kansai Electric names new president following gift scandal

Kansai Electric Power Co. said Saturday it had named a new president following a scandal in which company executives received cash and gifts from a former deputy mayor of a town hosting one of its nuclear plants.Executive Vice President Takashi Morimoto, 64, has been promoted and will replace Shigeki Iwane, 66, who has stepped down to take responsibility for the scandal, which exposed shady ties between Japan's nuclear industry and local public officials.The leadership shuffle came as Kansai Electric's third-party panel said in its final report that company executives received from Eiji Mor…READ FULL ARTICLE