Sony has confirmed that PlayStation boss Kazuo Hirai will be the company's next chief executive. He will take over from current CEO Howard Stringer in April, with Stringer assuming the role as chairman of the board of directors.
The move comes after weeks of speculation - and following a challenging business period for the consumer electronics veteran. The company is facing its fourth consecutive annual loss, and stock value has dropped by more than 50% since Stringer became the company's first non-Japanese CEO in 2005.
The strong yen and the effects of last year's devestating earthquake have made for difficult business conditions, but Sony has also lost out to key rivals including Samsung in the television sector and Apple in computing and digital media.
"The path we must take is clear," Hirai said in a statement. "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.... Source/Origin >> Read More
