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Sharp CEO Tai, tipped to become Hon Hai executive, to stay on

May 17, 2019

Sharp Corp. said Friday it will seek reappointment at a shareholders’ meeting on June 25 of its CEO and Chairman Tai Jeng-wu, who is widely expected to take on an executive role at the Japanese firm’s parent Hon Hai Precision Industry Co.

Tai, considered to be among candidates to replace Hon Hai chairman Terry Gou who will run in the Taiwanese presidential election, was sent from the firm in 2016 to revive the struggling Japanese display manufacturer.

Taiwanese media reported last week that following Gou’s announcement in April that he will run in the presidential race in January, Hon Hai decided to demote him to director and list Tai as one of the board members from which a new chairman will be selected.

Tai expressed last year his intention to remain as the top Sharp executive during the period of his company’s medium-term business plan running through March 2020.

Sharp also said Toshiaki Takayama, one of the three co-CEOs Tai has appointed as potential candidates to succeed him, has resigned Friday. Two others -- Katsuaki Nomura and Yoshihisa Ishida -- will remain in their posts of executive vice president.

Under Hon Hai, which assembles Apple Inc.’s iPhones and is also known by its trade name Foxconn, Sharp managed to post its first group net profit in four years in the business year that ended March 2018. Hon Hai bought Sharp in August 2016.

==Kyodo