Tai will replace Kozo Takahashi as head of the Japanese company. Takahashi told the Financial Times that Tai was "very powerful and is the number two ranked at Hon Hai". In addition, he speaks Japanese, "so he was chosen from a comprehensive viewpoint”, the CEO said. Most of the rest of Sharp's board will also step down after the transaction is completed.
The annual results showed a net loss of JPY 256 billion, versus a loss of JPY 222 billion a year ago. The operating loss widened to JPY 162 billion from JPY 48 billion, but was not quite as bad as the JPY 170 billion forecast in late March. Revenues fell 11.7 percent to JPY 2.461 trillion. Sharp recorded negative operating cash flow of JPY 18.9 billion and finished the year with JPY 149.5 billion in cash, down from JPY 232.2 billion a year earlier. The company did not provide a forecast for the current year.
