JDI Pres. to Resign over Continued Red Ink

Economy

Tokyo, June 12 (Jiji Press)--Japan Display Inc. <6740> said Wednesday that President Yoshiyuki Tsukizaki will resign on Sept. 30 to take responsibility for the company's continued red ink.

The small and midsize liquid crystal display panel maker will trim its smartphone display business, which led the company to incur a net loss for the fifth consecutive year in the latest business year that ended in March.

JDI will also launch a voluntary early retirement program to cut 1,200 jobs, or nearly 30 pct of all domestic jobs.

Managing Executive Officer Minoru Kikuoka will become president on Oct. 1, while outside director Takahisa Hashimoto will become chairman.

For mobile display business reforms, JDI will suspend its key Hakusan plant in Ishikawa Prefecture, central Japan, for three months from July. Part of the production lines at the Mobara plant in Chiba Prefecture, east of Tokyo, will be closed in September.

[Copyright The Jiji Press, Ltd.]

Jiji Press