Record losses trigger Sharp boss replacement

5 years ago by in Business, Featured

Japanese electronics producer Sharp announced it would shuffle its top management as a reaction to the expected record high losses, worth billions of dollars.

The company said last month it expected to lose Y290 billion ($3.5 billion) for the fiscal year ending in March. The previous estimation was radically different – a Y6 billion profit.

Sharp’s executive managing officer Takashi Okuda will take the president position from Mikio Katayama, who will replace chairman Katsuhiko Machida.

Machida will remain with the company as an advisor.

All changes will be made at the beginning of April, making Sharp the third Japanese company recently making changes in the top management because of big losses, after Sony and Panasonic.

Foreign rivals like South Korean Samsung Electronics, a strong yen and falling prices are factors which have cut deep into the efficiency of Japan’s leading tech companies.