Sharp, which posted a final deficit of 149.9 billion yen in its last fiscal year, announced that its in-house vice president, Masahiro Okitsu, will be promoted to president.

Sharp is facing a final deficit of 149.9 billion yen in its fiscal 2023 financial statements due to sluggish performance in its LCD display business, and is rushing to turn around its business, including halting production of large LCD panels for televisions at its subsidiary Sakai Display Products’ factory in Sakai, Osaka, by September of this year.

Meanwhile, Sharp announced that Executive Vice President Masahiro Okitsu will be promoted to President and CEO.

He will take up his post following approval at tomorrow’s general shareholders’ meeting and the board of directors meeting.

The new president, Mr. Okitsu, is 66 years old and a native of Sharp, having long been in charge of the white goods business.

The current president, Wu Bo-hsun, who comes from parent company Hon Hai Precision Industry Co., Ltd. in Taiwan, will remain as representative director.