Sharp will cut 5,000 jobs, slash the number of directors and advisory positions and shift its production focus under a three-year plan, the Asahi Shimbun newspaper reported on Friday. According to the company's midterm management plan obtained by paper, Sharp will mainly cut jobs overseas, although the struggling electronics company will also halve the number of employees at its main office in Osaka.

The number of Sharp directors will be also reduced from 12 to six, and the company?s payroll will have significantly fewer advisers who previously served as presidents or vice presidents, according to the plan.

The company will also focus more on small-sized panels for smartphones and other devices, which have more added value, the paper added.

Through these measures, Sharp is forecasting annual sales exceeding 3 trillion yen ($30 billion), an operating profit of 180 billion yen and a net profit of 100 billion yen in fiscal 2015.

Regarding TV sales, Sharp will conduct more research on consumer preferences in specific regions. In the United States, for example, the company plans to increase production of 70-inch type or bigger and 4K TVs.

Sharp will also market domestic appliances, including refrigerators and washing machines, in Southeast Asia based on regional demand.

Sharp also plans to expand supplies of small panels to Samsung Electronics while still shipping screens to rival Apple.