Sony Shareholders Approve New Management
June 19, 2009 at 5:20 AM (PT)
SONY shareholders approved a new management setup at the Japanese electronics and entertainment company that will center power around Chief Executive HOWARD STRINGER and a team of younger executives, reports BUSINESSWEEK.COM. "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 chief executive.
"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.
"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. STRINGER told shareholders the company was on track to restructure its operations and cut costs by 300 billion yen ($3.1 billion) this year, as he had promised earlier.
"Under the new management team, announced in FEBRUARY, SONY has centered power in STRINGER to streamline decision-making.
"STRINGER, 67, is heading a team of four younger executives, three of them in their 40s -- including KAZUO HIRAI, 48, head of SONY's game unit -- to spearhead efforts to bring together SONY's sprawling empire, spanning TVs, music, games, movies and semiconductors, to develop products and services for the digital age.
"Board member MORITA, who has formerly headed the music business, becomes head of the JAPAN units of SONY MUSIC ENTERTAINMENT and SONY PICTURES ENTERTAINMENT, effective later this month."