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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

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