When Foxconn took control of Sharp, its vice chairman Tai Jeng-wu (Innolux and Sharp See Changes at the Top) became the CEO and president of Sharp. Sharp’s shares had been demoted to the second section of the stock exchange when its equity became negative. Equity turned positive after a cash injection from Foxconn, but the company has struggled to return to profitability, with the forecast for the current financial year to March expected to be a loss of ¥41.8 billion ($368 million).
However, Sharp is expected to return to net profit in the following year. It is hoped that this will mean that it can then move back into the first section of the stock exchange. Tai says that once this has been achieved, he will step down.
