Sharp Ceo Tai Says To Step Down Once Stock Returns To Tse First Section

[Ron Burgundy]

Sharp Corp CEO and President Tai Jeng-wu told reporters on Monday he would step down once the Japanese electronics maker turns profitable again at the net level and its shares return to the first section of the Tokyo Stock Exchange. Tai, vice chairman of Foxconn, became president of Sharp in August after the Taiwan company, formally known as Hon Hai Precision Industry Co Ltd , took control of the Japanese firm. The Tokyo Stock Exchange moved Sharp shares to the bourse's second section in August after the electronics maker booked negative net assets - where liabilities exceeded assets - for the year ended in March, when the company was hit by falling sales of smartphone panels and restructuring costs.

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