Japanese electronics manufacturer Sharp Corporation is considering a major management reshuffle to accelerate its restructuring efforts in line with a medium-term business plan starting this fiscal year, local press reported on Friday.

The personnel shake-up is expected to include a major cut to the number of board members, which currently stands at 12, in addition to Mikio Katayama's retirement from his position as chairman. It is designed to help the liquid crystal display maker concentrate more management and administration under its president, Takashi Okuda, according to the daily Mainichi Shimbun.

The report said the personnel reshuffle would be carried out to clarify executives' responsibilities concerning the layoffs of around 3,000 employees announced last year. It additionally pointed out that a bigger-than-forecast net loss for the year that ended on March 31 is another reason for the move.

Meanwhile, the Osaka-based maker will also abolish some posts reserved for top executives who had served as the company's president.

Sharp will instead invite new executives from its two major lenders, Mizuho Corporate Bank and Bank of Tokyo-Mitsubishi UFJ, to help improve the cash-strapped company's financial situation.

Company spokespeople have not reacted to any commentary in the press, but the new management and its business plan are scheduled to be announced next week.