Foxconn Vice-President and Sharp CEO Tai Jeng-wu says he is looking to restructure the Japanese electronics corporation in order to boost productivity and minimize losses.
Tai took over as Sharp’s new CEO after his employer Taiwanese electronics manufacturing giant Foxconn purchased 66% of Sharp’s stocks earlier this year and became its majority owner. Tai and the senior managers then announced a series of investment and HR moves to stop the company’s losses. One of moves was to cut all employees and managers’ pay by a small percentage.
Tai said in an interview on Monday that he will offset the pay cuts by giving allowances and bonuses. He also said he plans to divide the company into individual departments that are responsible for their own finances. Tai said he will implement a clear reward system for all employees to stimulate productivity.
Foxconn and Sharp say they are planning to invest in medium-sized LED displays, robotics, and enterprise solution technologies. Japanese media are also anticipating that the companies will come out with a new plan for investing in solar energy.