Sharp named Takashi Okuda as its new president after forecasting a record annual loss amid slumping prices for its Aquos televisions, an economic slowdown and a tax charge.

Executive Officer Takashi Okuda will be promoted to president on April 1, replacing Mikio Katayama.

Okuda has been in charge of the company's overseas business for a long time and has focused particularly on emerging economies.

Katayama will become chairman without representative rights, while Chairman Katsuhiko Machida will retire and become an adviser.