Money-losing Sharp, recently taken over by Apple manufacturing partner Foxconn, is seeing a management shakeup as a result of it’s roughly $2.37 billion loss in 2015.
The company’s troubles began in 2012 when it invested heavily in larger displays for HDTVs over improvements in screen technology. Sharp’s current CEO, Kozo Takahashi, will be replaced by Foxconn second-in-command Tai Jeng-Wu once Foxconn completes it takeover.
A dozen of Sharps’s 13-member board will also be replaced, and the board will be reduced to nine people. Foxconn is hoping to increase its partnership with Apple, increasing its share of the iPhone maker’s display business.
