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Sunday, May 05, 2013
Sharp Chairman's Said To Retire

Struggling Sharp Corp is considering scrapping advisory posts and its chairman, Mikio Katayama, may retire as part of efforts to speed up a business revival, Kyodo news agency reported on Sunday.

Sharp will announce a business management plan on May 14 and reportedly wants a new management structure for a business rebuilding with authority concentrated with Takashi Okuda, the news agency said.

Katayama's presence caused uncertainty in the decision-making process, Kyodo said.

The Yomiuri newspaper also said Katayama has already notified creditors of his intention to step down.

The company will announce its business results on May 14. Previously, Sharp forecasted a significant net loss in the year that ended on March 31.

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