Almost entire Sharp board will be replaced as Foxconn vows to turn the company around

Sharp CEO Kozo Takahashi is stepping down (Photo: European Press Photo Agency)

Following the on-off-on-again acquisition of display-maker Sharp by Foxconn, the company has announced that 12 of the 13 board members – including CEO Kozo Takahashi – will step down once the takeover process is complete. The WSJ reports that the announcement follows deepening losses at the company.

The Sharp board will shrink to nine members, with six of them to be appointed by Foxconn. The changes are expected to be official in June.

Sharp on Thursday also reported a net loss of ¥256 billion ($2.36 billion) for its fiscal year ended in March, compared with a loss of ¥222 billion in the previous year.

Sharp was one of a number of Apple suppliers to be hit by the decline in iPhone sales, though in Sharp’s case the slowdown merely added to its existing difficulties.