Sharp Shifts Executives in Hopes of Changing Financial Position
May 14, 2013 11:55 AM
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The shake-up is a partial solution to the company's recent annual net loss of ¥545 billion ($5.35 billion)
Sharp Corp. is implementing an executive shake-up after suffering the
largest financial loss
in the company's history.
Sharp announced that Executive Vice President of Products Kozo Takahashi will now be promoted to president, replacing current President Takashi Okuda. Okuda had only spent one year with that title.
Okuda will now be a chairman without representative rights. He will replace Mikio Katayama, a former president who oversaw Sharp's expansion of its liquid-crystal-display TV-panel sector.
These changes are expected to take place after Sharp's shareholders meeting June 25.
The shake-up is a partial solution to the company's recent annual net loss of ¥545 billion ($5.35 billion), which is the largest the company has ever seen since its opening in 1912.
Sharp has been in serious financial trouble for awhile. The company has cut employee salaries, eliminated 5,400 workers last year and even mortgaged
factories and buildings
Sharp has been looking for equity investments from big names to give it a helping hand. Last December, Qualcomm threw the company
a $120 million lifeline
, making it the largest shareholder. In March of this year, Samsung scooped up 3 percent Sharp as well.
Sharp also cut deals with Mizuho Financial Group, Inc. and Mitsubishi UFJ Financial Group Inc. Sharp grabbed an additional credit facility of up to ¥150 billion on top of a ¥360 billion credit line extended by the banks.
The Wall Street Journal
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5/14/2013 3:32:53 PM
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