People enter the site of Sharp Corp.’s annual shareholder meeting on Thursday. in Sakai, Osaka Prefecture.
18:01 JST, June 27, 2024
SAKAI (Jiji Press) – Sharp Corp. will work hard to achieve profitability after two straight years of net losses, Executive Vice President Masahiro Okitsu told shareholders on Thursday.
Okitsu became president and CEO of the Japanese electronics manufacturer later on Thursday, replacing Wu Po-Hsuan, who stepped aside to become deputy chairman.
The company will “engage in selection and concentration, and invest in unique products,” Okitsu said at a shareholders meeting in Sakai, Osaka Prefecture. The comments came after Sharp released a plan last month to focus on its branded business, including home appliances.
Wu apologized for the company’s dismal earnings.
In response to criticism from shareholders that Sharp’s turnaround plan is unclear, Okitsu said the company will do everything it can to meet shareholder expectations.
Sharp posted a consolidated net loss of ¥149.9 billion for the year ended March, mainly due to sluggish LCD display performance, its second straight year of losses. The company took restructuring measures, including halting production at the Sakai plant, which produces large LCD panels for television sets.
Thursday was the highlight of the general shareholder meeting season in Japan. About 670 companies, or about 30% of publicly traded companies with a fiscal period through March, held shareholder meetings.
