Sharp names new president in top-level reshuffle

Sharp has named a new president in light of the company's mounting losses due to slumping television sales.

Takashi Okuda, 58, who is currently the Japanese company's head of global operations, will take over as president replacing Mikio Katayama on Apr. 1, according to a Reuters report on Thursday.

The company veteran of more than 30 years pledged to revamp the organization upon taking over the reins, but demurred on disclosing his plans. Instead, he will reveal his strategy to revive Sharp's fortune before it discloses its full-year earnings end-March, he said.

Katayama, who will assume the chairman position after stepping down from the role of president, also said he will take responsibility for the turnaround, in tandem with Okuda. "It was not the case that we were moving in the wrong direction. New methods will become necessary and I want to endeavor to improve the company with the new president," he said.

Sharp's losses last quarter erased 180 billion yen (US$2.14 billion) in its equity, not aided by it writing off 33 billion yen (US$392.64 billion) worth of LCD panels and slump in TV sales during the October to December period, the report noted.  

Sharp's management reshuffle is the latest in the country's struggling business landscape, with counterparts Sony and Panasonic announcing changes to their top-level personnel last month, too.