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Home > News > Industry News > Sharp was like the ‘son of a r.....

Sharp was like the ‘son of a rich family’, says president

  • Author:Ella Cai
  • Release on:2017-08-14
Before Hon Hai bought it last year, Sharp was operating like the son of a rich family says Sharp’s president Tai Jeng-wu (pictured).

The company has just reported its first FY operating profit for three years.

Tai has been scathing about Sharp’s lax cost controls before Hon Hai bought it.

Since becoming president, Tai he has ruled that all contracts worth over $70k must be referred to him whereas, under the pre-Hon Hai regime, the president only reviewed contracts worth over $4.6 million.

Purchase contracts have been renegotiated and costs have been reduced by $640 million since Tai took over.

Tai has introduced a meritocratic culture under which bonuses, ranging from one to eight months salary, are paid depending on an individual’s contribution to earnings.

FY 2016 sales were $18.3 billion which was 16.7% down on FY 2015 largely because of the elimination of unprofitable businesses.

Sharp is now considering building an LCD plant in the USA and four states are pitching to get the investment.