Sharp announces new CEO ahead of shareholders' meeting

Japanese electronics maker Sharp is shaking up the company's management a day before its shareholders' meeting. The firm is planning to pivot its focus to home appliances and will appoint its first Japanese leader in about two years.

Sharp, a subsidiary of Taiwan's Hon Hai Precision Industry, says Vice President Okitsu Masahiro will become president and CEO.

Okitsu joined Sharp in 1980. He served as an executive managing director for its appliance business before assuming the post of vice president.

Sharp has struggled against its Chinese and South Korean rivals.

The company posted a net loss for the fiscal year through March for the second straight year.

Current president and CEO Wu Po-Hsuan will continue his role as representative director if approved at the shareholders' meeting.