TakashiOkuda
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Report: Sharp increases layoffs number, aiming for profitability by March 2014
Japanese electronics giant Sharp is reportedly planning a major restructuring to bring the company back to profitability by 2014, as reported by Kyodo News. Said restructuring will see Sharp cut nearly 11,000 (10,966) jobs from its 57,170-person workforce by March 2014 -- just under 20 percent of all employees -- and sell off various assets, resulting in ¥213.1 billion ($2.7 billion) of much needed capital from lenders. Named assets to be sold include international manufacturing plants, and shares in other Japanese electronics company, Toshiba. The company also plans on shuttering its international manufacturing plants, as well as once again cutting employee wages. So, what's gonna save Sharp from more turmoil? A rethinking of its LCD TV business, apparently, as well as a "strengthening" of the company's smartphone LCD offerings. Sharp's also moving away from solar batteries, selling off its US-based solar firm Recurrent Energy LLC. Company prez Takashi Okuda will head up the massive restructuring, leading an "emergency management committee" starting in October. All of this adds up to Sharp expecting a return to profitability by next April. You'll forgive us if we're a bit wary of that prediction, but our best wishes are with those impacted by the chaos.
Sharp mortgages itself to the hilt just to keep going
Sharp has mortgaged its offices and factory buildings in order to raise the cash it needs to stay in business, according to Reuters. It's cut a deal with banks for nearly $2 billion in short-term credit secured on its assets -- including the factory that reportedly produces displays for the iPhone. Sharp had pinned its hopes on cash from Hon Hai, but the Chinese giant is apparently delaying the money with the aim of gaining more control over Sharp's business. In response, Sharp has pledged to send president Takashi Okuda to meet Hon Hai's Terry Gou in Taipei -- just as soon as it's scraped together the air-fare.
Sharp: we're making displays for new iPhone and shipping them this month
In an effort to end today's dismal earnings report on a high, Sharp's president Takashi Okuda has purposefully let slip that his company is among those contracted to manufacture displays for a new iPhone. We already have numerous reasons to suspect the iPhone 5 will be announced around September 12th, and Okuda has now corroborated that by saying that "shipments will start in August." If earlier rumors and component leaks are to be trusted, the screen will be significantly larger (likely around 4-inches) and slightly less rotund than that on the iPhone 4S.
Sharp executive officer Takashi Okuda to take over as president next month
In a move similar to the ones seen at fellow struggling Japanese electronics giants Sony and Panasonic, Sharp has announced a change at the top, swapping out president Mikio Katayama (kicked upstairs to the position of Director, Chairman) for current executive officer Takashi Okuda. The move will go into effect April 1st, giving him the keys after a fiscal year 2012 to forget comes to an end. According to his biography he's been with the company since 1978, although your guess is as good as ours about what he can do to turn around the company's fortunes -- although getting that 8K Super Hi-Vision LCD into production ASAP would be a great start.
