JAPANESE electronics maker Sharp Corp named a new president yesterday, reshuffling its top management to help restore profitability after posting a record loss.

The Osaka-based maker of Aquos TVs said that executive vice president Kozo Takahashi will be its president and CEO from June 25. His appointment is part of a business reorganization aimed at becoming profitable in the fiscal year ending March 2014.

Sharp also said it would cut its capital to help improve its balance sheet and "make a fresh start" by shedding its legacy of cumulative losses.

Sharp's 545.4 billion yen net loss (US$5.4 billion) in the fiscal year that ended in March beat its forecasts and was higher than a 376 billion yen net loss in the previous fiscal year.