Sharp Corp, the beleaguered Japanese television manufacturer, announced the promotion of Executive Vice President Kozo Takahashi to be the next president of the company. Takahashi would be replacing Takashi Okuda, according to a news report from Japanese paper Nikkei.
Okuda has held the position of President since April 2012, would be replacing Mikio Katayama as chairman of the board, according to the newspaper. Miyuki Nakayama, spokeswoman for Sharp neither denied or confirmed the news report, saying the company was not the source of the information.
During Okuda's term, he sold company assets and mortgaged company properties in an effort to raise funds after its tremendous losses in its television and liquid crystal displays. The investment turned into a record breaking 376 billion yen or US$3.7 billion net loss for the company in March 2012. His replacement is currently managing the products business group of the firm, which includes television sets and mobile phones.
Sharp is scheduled to announce its earnings reports tomorrow for year ending March 31 2013. There is a forecast of another record loss of 450 billion yen for the company.
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