Sharp shareholders re-elect CEO, approve bailout to secure survival

[OSAKA] Sharp Corp's shareholders re-elected CEO Kozo Takahashi and approved plans for a second bank bailout on Tuesday, backing the electronics company's strategy to survive a deep downturn in its troubled display business amid fierce competition.

Chief Executive Takahashi was re-elected at the end of the annual general meeting in Osaka despite disquiet among investors that his restructuring efforts, including 5,000 job cuts and the sale of its headquarters, did not go far enough.

A detailed vote count was not immediately available, but support is expected to have fallen from 97 per cent a year earlier due to disappointment over losses, the lack of a dividend and a massive cut to capital as part of the bailout.

REUTERS