Sharp Corporation, who are a key partner with Premium Audio Company and Vox International in the manufacture of Pioneer, Integra and Onkyo receivers as well as parts for Apple products has sacked their CEO after two years of losses and a major stuff up over an LCD plant sale.

In May the business halted production of large liquid crystal display panels at its plant in Osaka Prefecture, the only television LCD panel manufacturing factory in Japan, with production now taking place in other Asian cities for their TV’s which along with their appliances that are seen as being high quality products whose design is still controlled by Japanese and Taiwanese management.

Sharp, a unit of Taiwan’s Hon Hai Precision Industry Co (Foxconn) incurred a net loss for the second straight business year ended March due to its struggling LCD panel operation and because of competition with Chinese manufacturers.

A key supplier to Apple Foxconn, saw its annual shareholders erupt as investors became frustrated with management after the company has turned in two years of significant net losses.

The Company then announced its President and CEO, Robert Wu, had stepped down from his role at the company.

Sharp is the manufacturing company who partnered with Voxx International to manufacture Onkyo, Integra, Pioneer, and Pioneer Elite products, this has led to Vox suffering cashflow problems as revenue is sucked into supporting the joint venture.

Recently Sharp announced it was cutting jobs at their Sakai LCD plant by 50%.

The other half will be reassigned and offered jobs another Sharp facility.

Foxconn acquired Sharp back in 2016, they immediately started restructuring their business with the appointment of Tempo in Australia to sell their consumer goods spanning appliances and TV’s.

Next year Sharp via their relationship with Tempo is set to enter the premium appliance market with a brand-new product.

Under Wu’s management, Sharp lost money every year since he took over in 2022 when the business reported a loss of more than US$1.7 billion.
This week Foxconn Chairman and CEO Young Liu announced that new directors and a new management teams would be announced shortly.

As for the old LCD plant this is being turned into a giant data centre, however it’s now emerged that both Sharp and Foxconn were engaged in selling the same building, and neither were coordinating their efforts with the other.

As a result, two separate buyers were told they had a deal.

Some news reports claim that the lack of communication or coordination in this matter were the primary reason Foxconn called for the dismissal of Wu from Sharp.

In the meantime, the company has announced that Foxconn’s chairman Liu will become chairman of Sharp as well.

Former CEO Wu will become deputy chairman.

Liu has said that Foxconn “will take a more active role at Sharp.”