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Sharp picks new president after record loss forecast

Sharp 80-inch TV
Sharp's 80-inch 8K LCD TV at CES wasn't entirely responsible for the loss

Sharp president Miko Katayama is set to step down after a record loss forecast for 2011.

Takashi Okuda, a managing executive who handled global operations, will take over the president position. Katayama will take on the chairman role.

The leadership change follows a record loss forecast of $3.5 billion for the 2011 fiscal year.

Okuda said "It is my aim to unite the company and revive our fortunes by changing our business model. We have a lot of unique technology, and the ability to produce one-of-a-kind products is in our genes. If we are serious, we still have a chance."

Shares slump

Sharp is Japan's largest manufacturer of LCD displays, but its shares have slid 15 percent since its disastrous loss forecast was announced.

It recently slashed production of LCD TVs at its Osaka plant by half – a decision driven by low demand.

Japanese compatriots Panasonic and Sony has also announced management shake-ups as they battle expected yearly losses of $17 billion, a strong yen and competition from overseas rivals such as Korean electronics giant Samsung.

Just last month Sony announced that CEO Sir Howard Stringer would be replaced by Kazuo Hirai from 1 April.

From Yahoo! News, The Verge