On August 13th, Sharp Corporation reported that its board of directors approved the appointment of Tai Jeng Wu, corporate executive vice president at Foxconn, to the office of Sharp Corporation President and Chief Executive Officer.
In March 2016, Foxconn Technology Group, the parent company of Taiwan’s Hon Hai Precision Industry, agreed to pay 389 billion yen ($3.5 billion) for a controlling stake in Sharp. Sharp reports that “anti-trust reviews of that alliance by the relevant authorities” have now been completed, and the appointment is said to “mark the beginning of Sharp’s transformation and a new chapter in its history.”
As part of the strategy to enhance Sharp’s financial structure, the company reacquired Class B Shares on August 12th. It plans to introduce a stock-option incentive program “to motivate employees and recognize strong performance.” New Sharp President and CEO Tai Jeng Wu is also scheduled to host a formal dialogue with Sharp employees on August 22nd.
- August 2016: Sharp Posts Loss for Quarter, Business Solutions Group’s Sales Down 3.8 Percent
- July 2016: Nakayama is New President of Sharp Business Solutions Company
- May 2016: Sales, Profits Down for Sharp’s Fiscal Year, but Business Solutions Group’s Sales Up
- March 2016: Foxconn to Invest Billions of Yen in Sharp’s Business Solutions Group
- March 2016: Foxconn Takes Controlling Interest in Sharp in Reduced Buyout