Foxconn’s Tai Jeng Wu is New President and CEO of Sharp Corporation

new foxconn president

Hon Hai Precision Industry Chairman Terry Gou (center), Vice Chairman Tai Jeng-wu (left), and Sharp President Kozo Takahashi clasp hands at a news conference in Osaka on Saturday formalizing Sharp’s acquisition by Foxconn. Soure: KYODO

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.

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