Sharp Corp. President and CEO Tai Jeng-wu will hold on to his position for two more years, the Nikkei Asian Review reported May 12, citing Tai's message to workers.
The decision comes as the company aims for ¥3.25 trillion in sales for fiscal 2019, the news wire said. Tai will reportedly remain CEO until March 2020 and work on grooming a successor after the company's current medium-term plan ends.
Tai, who came from Sharp's parent Hon Hai Precision Industry Co. Ltd., or Foxconn, earlier said he wanted to adopt a co-CEO system to ensure a smooth transition when he steps down. He reportedly shared a portion of his authority as CEO to three Sharp executives in January.
According to the Nikkei, Sharp's senior executives regard Tai as "irreplaceable," citing his contribution in securing favorable conditions for the company in procurement and sales partnerships. Tai's restructuring plan reportedly paved the way for Sharp to return to the main section of the Tokyo Stock Exchange on Dec. 7, 2017.