Sharp Corp. will appoint three co-chief executive officers at the start of 2018 to lead the electronics maker alongside president and current sole CEO Tai Jeng-wu, company sources said Friday.
The new co-CEOs, all chosen from within Sharp's upper management, will be candidates to succeed Tai — who was dispatched by Taiwanese parent company Hon Hai Precision Industry Co. last year to turn around the then-struggling Sharp — when he eventually steps down.
Each of the four will be responsible for a key business or region. Tai will retain oversight of the 8K ultra high-definition display business and the Southeast Asian market, and Executive Vice President Katsuaki Nomura, who presently holds the title of chief operating officer, will continue to head the corporate strategic planning division.
Executive Vice President Yoshihisa Ishida will lead artificial intelligence-equipped appliances and the European market, while Executive Officer Toshiaki Takayama will be responsible for the Chinese market.
Tai had set a rule that all cash outflows over ¥3 million ($26,500) would require his personal signoff.
The new co-CEOs will be given similar powers.
Tai had recently said he was considering naming a co-CEO in the first half of 2018 as Sharp earlier this month returned to the First Section of the Tokyo Stock Exchange, one of his main goals since coming to the company.