Japan's Sharp Corp is considering having its chairman, Mikio Katayama, retire and also scrapping advisory posts as part of efforts to speed up a business revival under its president, Takashi Okuda, Kyodo news agency reported on Sunday.
Continue Reading Below
Sharp, Japan's leading maker of liquid crystal displays, is expected to reveal a medium-term business management plan on May 14. It wants a new management structure for a business rebuilding with authority concentrated with Okuda, the news agency said.
The company's main creditor banks, Mizuho Corporate Bank and the Bank of Tokyo-Mitsubishi UFJ, have been seeking Katayama's retirement because his presence caused uncertainty in the decision-making process and his retirement was considered unavoidable, Kyodo said.
Company spokesmen were not available for comment.
The Yomiuri newspaper said Katayama has already notified creditors of his intention to step down.
Kyodo also said a company adviser, Katsuhiko Machida, and a special adviser, Haruo Tsuji, were expected to retire and the company would probably abolish those posts.
This month, two sources with knowledge of Sharp's earnings told Reuters that it posted a worse than forecast 500 billion yen ($5.1 billion) net loss in the year that ended on March 31 as panel plants asset write offs crimped its bottom line.
The company will announce its business results on May 14.
(Reporting by Kaori Kaneko; Editing by Robert Birsel)