Sharp names top Foxconn exec as CEO
Print Edition
JAPAN’S Sharp Corp has named a top Foxconn executive as chief executive officer and said it would seal a US$3.5 billion stake sale to the Taiwan-based firm ahead of schedule, as the display maker seeks a return to profit in the face of slowing smartphone sales.
Sharp said Foxconn Vice Chairman Tai Jeng-wu will succeed Kozo Takahashi, becoming the first outsider to lead the century-old company that began making belt buckles and mechanical pencils.
The change marks a new chapter for Sharp which has struggled to remain competitive even after two massive bank bailouts. The firm and its Japanese peers have been out-maneuvered by upstart Asian rivals, with companies once synonymous with cutting-edge electronics such as Sony Corp losing cache.
For Sharp, a revival beckons under the leadership of Tai, a 30-year veteran of Foxconn, the world’s largest contract electronics manufacturer. Tai has extensive experience running Foxconn’s Shenzhen operations and played a central role in the stake negotiations, people at Foxconn said.
“Tai is No. 2 at Hon Hai. He speaks Japanese. He was selected from a comprehensive perspective,” Takahashi said at an earnings briefing, referring to Foxconn by its formal name, Hon Hai Precision Industry Co.
Tai will be one of nine new board members, Takahashi said.
He also said Sharp aims to finalize the sale of a two-thirds stake to Foxconn by the end of June, ahead of their initial October 5 deadline.
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