Sharp has posted an annual loss of the equivalent of $5.35 billion, and will replace its president and chairman, the Wall Street Journal reported.
An expected $3.5 billion record net loss as TV sales slumped is raising a red flag with investors worried that Sharp has fumbled its business strategy. Takashi Okuda's appointment as its new boss suggests it is not about to flinch and abandon making TVs.
Okuda 58, who replaces Mikio Katayama as president on April 1, is a 30-year veteran. Much of his career has been spent in Sharps' TV business and in trying to expand sales to consumers overseas.
Sharp Corp named the head of its global operations as president to turn around a company facing a record annual loss, the latest Japanese firm to shake up management after tumbling into the red on slumping TV sales.
Takashi Okuda, 58, a company veteran of over 30 years, immediately pledged to revamp the company after he takes the helm on April 1. He will replace Mikio Katayama, who becomes chairman.
"I will take responsibility for that turnaround in tandem with the new president," Katayama told a news conference.
Sharp this week announced that Takashi Okuda will become its new president, effective April 1. He replaces Mikio Katayama, who will become chairman.