Taiwan's Hon Hai Precision Industry Co. boss Terry Gou wasted little time addressing his newly acquired employees at Sharp Corp., warning of job cuts while promising to reward workers who put their "heart and soul" into rebuilding one of the world's iconic brands.
After Sharp's results were released Thursday, in which the Japanese consumer electronics company posted a second straight annual loss, Gou, the chairman of the firm also known as Foxconn Technology Group, said in a letter to staff: "It is with a heavy heart that I say to you the results were subpar."
A "close review of the company's operations" highlighted a "level of inefficiency throughout Sharp," and therefore a "very regrettable need" to reduce the workforce, he wrote.