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Sharp Announces Departure of Edward McLaughlin

Mahwah, NJ--Sharp Electronics Corporation (SEC) chairman and CEO Kozo Takahashi and Edward McLaughlin today announced that they have reached an agreement concerning McLaughlin's decision to step down as president of Sharp Imaging and Information Company of America (SIICA), and as a director of SEC.

McLaughlin will assist in the search for his successor, which is now underway.

Once SIICA's new president has been appointed, McLaughlin will remain with SEC, where he will serve as a senior advisor to SEC and to SIICA. This advisory role will include, among other projects, working to ensure a seamless transition to SIICA's new leadership.

McLaughlin also expects to begin to pursue new business opportunities as an independent consultant to companies in the field of office automation, focusing on designing, developing, and managing projects that would employ his expertise and more than 35 years of industry experience. He and Sharp have agreed that, during this period, he will not enter into consulting or other engagements that would conflict with Sharp's business objectives.

Commenting on McLaughlin's contributions during his more than nine years with the company, SEC chairman and CEO Kozo Takahashi noted: "Ed has contributed greatly to Sharp's leadership position in the document industry. As a member of SEC's board and chair of the board's audit committee, his contributions have reached well beyond the document division. We sincerely appreciate his many contributions."

McLaughlin's accomplishments during his nine years as president of SIICA include a leadership role in the revitalization of the company's product lineup. Each new product that SIICA has introduced during his tenure has been recognized by Buyers Laboratory Inc. as "Highly Recommended" or a "Pick of the Year" in its category. He has also been recognized as Executive of the Year by Marketing Research Associates, an industry research firm.