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Setup boosts Sony CEO's power
By Yuri Kageyama |
June 20, 2009, Saturday
|
Print Edition
Print Edition
Sony Corp shareholders approved a new management setup at the Japanese electronics and entertainment company yesterday that will center power around Chief Executive Officer Howard Stringer and a team of younger executives.
They approved 15 directors, including Welsh-born American Stringer, the first foreigner to head Sony, who is taking on an additional title of president as well as serving as chairman and CEO.
Ryoji Chubachi, who has resigned as president, will remain a director. He will become vice chairman overseeing product quality and environment policies and take a more supportive role.
Another part of Sony's new management reshuffle, which has gained public attention recently, is the appointment of Masao Morita, the son of Sony co-founder Akio Morita, as the head of the company's music and movies operations in Japan.
Sony has been no exception among Japan's export-reliant firms in racking up huge losses for the fiscal year that ended in March -- its first annual net loss in 14 years and its first ever caused by red ink in its core electronics business.
Sony is expecting an even bigger loss for the fiscal year through March 2010, as it gets hammered by sliding global demand, a strong yen and declining gadget prices.
At an annual shareholders meeting in Tokyo, attended by more than 8,300 investors, Stringer sought to allay investor fears about the future of the company.
They approved 15 directors, including Welsh-born American Stringer, the first foreigner to head Sony, who is taking on an additional title of president as well as serving as chairman and CEO.
Ryoji Chubachi, who has resigned as president, will remain a director. He will become vice chairman overseeing product quality and environment policies and take a more supportive role.
Another part of Sony's new management reshuffle, which has gained public attention recently, is the appointment of Masao Morita, the son of Sony co-founder Akio Morita, as the head of the company's music and movies operations in Japan.
Sony has been no exception among Japan's export-reliant firms in racking up huge losses for the fiscal year that ended in March -- its first annual net loss in 14 years and its first ever caused by red ink in its core electronics business.
Sony is expecting an even bigger loss for the fiscal year through March 2010, as it gets hammered by sliding global demand, a strong yen and declining gadget prices.
At an annual shareholders meeting in Tokyo, attended by more than 8,300 investors, Stringer sought to allay investor fears about the future of the company.
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