“After posting an annual net loss of Y545 billion ($5.4 billion), the biggest in its 100-year history, Sharp Corp. said it plans to replace both its president and chairman after just one year in an unusually public rebuke of former management that underscores the depth of the struggling electronics maker’s problems,” Mayumi Negishi reports for MarketWatch.
“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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