“Sharp said Tuesday that executive vice president Kozo Takahashi, 58, will replace current president Takashi Okuda, who led the company during a tumultuous year during which it scrambled to secure capital and warned about its future as a going concern,” Negishi reports. “Mr. Okuda will become a chairman without representative rights, replacing Mikio Katayama, a former president who oversaw Sharp’s aggressive–but ultimately failed–expansion of its liquid crystal display TV panel business. The changes will occur after Sharp’s shareholders meeting June 25.”
Negishi reports, “Sharp, a key supplier to Apple Inc. AAPL -2.29% , logged a bigger net loss of Y545.35 billion in the year ended in March, from a Y376.08 billion loss in the previous year. The loss, although well-flagged by media, was bigger than the market expectation for a Y450 billion loss, according to Thomson Reuters. Sharp’s operating loss came to Y146.27 billion from a loss of Y37.55 billion a year ago on Y2.48 trillion in revenue, virtually unchanged from last year.”
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