Sony says executive changes not finalized

By : |January 8, 2012 0

TOKYO, JAPAN: Japan’s Sony Corp said on Saturday that nothing had been determined about executive officer changes, after media reported consumer business chief Kazuo Hirai would take over the role of president from Howard Stringer as early as April.

Sony will elevate Hirai, 51, to his new role while Stringer, 69, was expected to remain chairman and CEO, Japanese media reported.

"Sony Corporation has made no announcement in this regard and nothing has been determined at this time," the company said in a statement responding to the reports.

Last March, Sony signaled that Hirai would be Stringer’s successor by promoting him to head consumer products and services, which makes up the bulk of Sony’s $85 billion in annual sales.

The global technology and entertainment giant has warned that it is on track for its fourth straight year of losses and has seen its tech prowess wane as it loses ground to South Korean rival Samsung Electronics Co.

In late December, Sony agreed to sell its nearly 50 per cent stake in an LCD joint venture with Samsung to the Korean company for $940 million. Samsung is now the top TV brand worldwide.

Sony shares have dropped around 60 per cent since Stringer became chairman in 2005, while Samsung shares have nearly doubled during the same period.

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