UPDATE1: Sharp boss looking to appoint co-CEO to eventually succeed him

Japan Economic Newswire |

The top boss of Sharp Corp. will look to appoint a co-chief executive who could go on to succeed him, he said Thursday after the company's return to the First Section of the Tokyo Stock Exchange.

Sharp CEO Tai Jeng-wu told a press conference in Tokyo that he is considering appointing a co-CEO sometime in the first half of next year to lead the company alongside him before he steps down.

"I will leave the decision up to the board and the next shareholders' meeting about the company's management structure beyond fiscal said at a press conference marking the company's return to the TSE's main section more than a year after it was demoted to the Second Section.

Tai, sent in by Sharp's parent company Hon Hai Precision Industry Co. in August last year to overhaul the Japanese display maker, denied he would step down as CEO anytime soon.

"I am actually ready to quit...but that would be selfish," he said.

About returning to the main section, Tai said "we have finally achieved our goal."

On the Tokyo stock market, Sharp finished the day down 80 yen or 2.1 percent at 3,805 yen, while the benchmark Nikkei index ended up 1.45 percent on the day.

Sharp, headquartered in Osaka Prefecture, was demoted in August last year to the Second Section after falling into negative net worth with losses from its liquid crystal display and solar panel businesses.

The company has been restructuring under its Taiwanese parent Hon Hai Precision, better known by its trade name Foxconn, following a takeover that was the first acquisition of a major Japanese electronics maker by a foreign company.

Last week, Sharp received approval from the TSE to relist its shares on the main section, as it has eliminated its negative net worth and returned to profitability after implementing stringent cost-cutting measures.

For the fiscal year through , Sharp reported its first consolidated operating profit in three years.


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