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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Company spokesmen were not available for comment.<\/p>\n
The Yomiuri newspaper said Katayama has already notified creditors of his intention to step down.<\/p>\n
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.<\/p>\n
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.<\/p>\n
The company will announce its business results on May 14.<\/p>\n
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