Sony Corp. Chief Executive Officer Howard Stringer ousted Ryoji Chubachi as president and took control of the main electronics business as the maker of the PlayStation 3 and Bravia televisions faces a record loss.
Stringer, 67, will assume the expanded role from April 1, Tokyo-based Sony said today. Chubachi, 61, will become vice chairman in charge of product safety, quality and environmental issues.
The reassignment of Chubachi, a 32-year veteran at Sony, may help clear the way for Stringer to reorganize the company as the global recession erodes sales. Sony is cutting 16,000 workers and shutting plants to weather a slump that forced the world’s second-largest maker of consumer electronics to forecast a record 260 billion yen ($2.7 billion) full-year operating loss.
“The Japanese can’t take decisive actions toward their comrades during hardship,” said Yuuki Sakurai, general manager of financial and investment planning at Tokyo-based Fukoku Mutual Life Insurance Co., which manages $54 billion in assets. “As a non-Japanese without such loyalties, Stringer is better positioned to conduct the large-scale restructuring that Sony has to do.”
Sony rose 2 percent to close at 1,668 yen on the Tokyo Stock Exchange before the company’s announcement, while the Nikkei 225 Stock Average climbed 1.5 percent. The stock fell 69 percent in 2008, after gaining for four straight years.
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