Don't miss

Replay


LATEST SHOWS

THE INTERVIEW

Erdogan to rid Turkish institutions of ‘separatist cancer’ after coup attempt

Read more

ENCORE!

The best of summer music festivals in France

Read more

FRANCE IN FOCUS

Going for gold: French athletes train for Rio Olympics

Read more

#TECH 24

Digital beauty

Read more

FOCUS

Women doctors in Pakistan challenge the status quo

Read more

BUSINESS DAILY

Trump hopes to reset America's trade relations

Read more

IN THE PAPERS

'Donald Trump's speech was just another scam'

Read more

IN THE PAPERS

Cazeneuve at the heart of Nice security controversy

Read more

EYE ON AFRICA

South Africa: Prosecutors seek longer sentence for Oscar Pistorius

Read more

Business

Sony shakes up senior ranks

Latest update : 2009-02-27

Japanese firm Sony has announced a management reshuffle in a bid to strengthen its financial health. Chairman and chief executive Howard Stringer will take the president's post from Ryoji Chubachi, who is to become the company's vice chairman.

AFP - Japan's Sony Corp, battered by the global downturn and strong yen currency, on Friday announced a management reshuffle and other reforms in a bid to ride out the current crisis.

The company's American chairman and chief executive officer Howard Stringer will from April 1 also take over the president's post from Ryoji Chubachi, the Tokyo-based company said in a statement.

The consumer electronics and entertainment giant said the changes aimed to strengthen its financial health "in the midst of the continued global economic crisis."

It said it will form two main business groups, one focusing on "networked" entertainment products including the popular PlayStation series, the other on electronics products such as home audio and video devices.

"This reorganization is designed to transform Sony into a more innovative, integrated and agile global company with its next generation of leadership firmly in place," Stringer said in the statement.

Chubachi will become vice chairman of the company and will remain a board member and a representative corporate executive officer and also oversee product safety and quality and Sony's environmental policies.

Sony in late January reported a 200-million-dollar operating loss for the fiscal third quarter, blaming weak sales of electronic goods amid the global economic downturn and a stronger yen.

The company at the time said it was headed for its biggest ever operating loss in the full financial year to March, and left the door open to further job cuts on top of the 16,000 it had already announced.
 

Date created : 2009-02-27

COMMENT(S)