WELSH-born Sir Howard Stringer is to step down as president and chief executive of Sony after a fifteen year run at the Japanese electronics company, to be replaced by Kazuo Hirai.
Hirai, aged 51 and currently executive deputy president, will take Stringer’s seat on 1 April.
Stringer – a rare foreign chief executive for a leading Japanese company – will remain as chairman of Sony Corp, and will become chairman of the board of directors in June when Yotaro Kobayashi retires.
This comes as Sony today announces its third quarter earnings, which are expected to leave the company in line for a fourth consecutive annual net loss – a first for Sony in its 54 years as a publicly listed company – due to its struggling TV division.
Sony has suffered due to the particularly strong yen, the earthquake in Japan and the floods in Thailand.
It has also failed to match rivals Apple and Samsung as they hurtle to market domination.
Hirai recognised the challenge ahead of him, saying: “The path we must take is clear: to drive the growth of our core electronics businesses – primarily digital imaging, smart mobile and game; to turn around the television business; and to accelerate the innovation that enables us to create new business domains.”
Sir Howard called Hirai, who notably brought the PlayStation division back into profit after four years in the red, one of “a new generation of leaders”.
A former journalist then president of broadcaster CBS, Emmy Award winner Stringer joined Sony in 1997 as president of its US operational unit.
Sony shares, which have lost two thirds of their value since Stringer took the helm in mid-2005, closed down two per cent at 1,364 yen.
