Sharp reshuffles management, forecasts profit after reporting record loss

TOKYO (AP) - Japanese electronics maker Sharp Corp. has named a new president as it reshuffles top management while seeking to restore profitability after reporting a record loss of 545.4 billion yen (S$6.66 billion).

The Osaka-based maker of Aquos TVs said on Tuesday that Mr Kozo Takahashi, currently an executive vice-president, will become its president and CEO as of June 25 as part of a business reorganisation aimed at returning to the black in the fiscal year ending March 2014 after years of losses.

Sharp's main banks have extended it 150 billion yen in fresh loans to help it meet a repayment deadline looming in September.

The company said it planned to beef up its loss-making liquid crystal display panel business as part of its alliance with South Korea's Samsung Electronics Co.