Sharp named Foxconn vice chairman Tai Jeng-wu as its new president on Thursday, after reporting an annual loss due to slumping display prices and slower sales of iPhones. Sharp announced operating loss ballooned to 162 billion yen ($1.5 billion) in the financial year ended March from the previous year's 48.1 billion yen.

Net loss widened to 256 billion yen from 222.35 billion yen.

Tai Jeng-wu, vice chairman of Foxconn, formally known as Hon Hai Precision Industry Co., is Sharp's new president, following Foxconn's the recent acquisition of $3.5 billion stake of the Japanese company.

The takeover by Foxconn is expected to help Sharp create advanced display products such as OLEDs.