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Sharp to have co-CEOs after return to 1st tier of Tokyo Stock Exchange

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Sharp to have co-CEOs after return to 1st tier of Tokyo Stock Exchange

Japanese consumer electronics company Sharp Corp. will have co-CEOs following its recent return to the first section of the Tokyo Stock Exchange, the Nikkei Asian Review reported Dec. 7.

Sharp President Tai Jeng-wu, who came from the company's Taiwanese parent Hon Hai Precision Industry Co. Ltd., reportedly said at a Nov. 30 news conference that they were considering transitioning to a co-CEO system "to nurture the next president."

The Nikkei said Tai previously expressed a desire to retire once Sharp returns to the first section of the TSE but now plans to step down in 2020.

"I want to quit, to be honest. I'm already 67," Tai was quoted as saying. "I'll still be in my 60s in 2020, but I won't be able to continue after that."

According to the report, Tai said the co-CEO won't necessarily be appointed from within but that the selection would be based on merit. He added that he wants to make a decision soon.

At the conference, Tai reportedly also called for Sharp to boost revenue by over 50% to ¥3.25 trillion in fiscal 2019 from ¥2.05 trillion in the fiscal year ended in March.

As of Dec. 7, US$1 was equivalent to 112.7 Japanese yen.