Sharp Posts Annual Loss Of $5.37 Billion, Another Executive Reshuffle

Posted on May 14 2013 - 2:29pm by Editorial Staff

Sharp Corporation

Although earlier today we reported that Sharp working towards obtaining another major loan of about $1.5 billion, the company today posted biggest ever annual loss of ¥545 billion ($5.37 billion) in the year ending March 31. The loss reported as the biggest in company’s 100-year history. The company also announced plans to replace both its president and chairman just after one year in service.

Another major announcement, come into picture is that the company is promoting Kozo Takahashi, executive vice president in charge of products, to president. Replacing Takashi Okuda, Takahashi appointment will become effective following approval by shareholders at a meeting on June 25. Before this, Takahashi became vice president last year after serving as the head of Sharp’s operations in North America.

The loss is huge and hopefully believe on if the new management really do something better for the company at least try to relieve it from the losses.

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Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.