TOKYO (TR) – Electronics and entertainment giant Sony Corp. named Kazuo Hirai as president and chief executive officer as a replacement for Howard Stringer, who will become Chairman of the Board of Directors, according to a press release issued by the company on Tuesday.
Hirai’s promotion will be effective April 1, while Stringer will assume chairman duties in June, the release said.
For the second quarter of the current fiscal year, Sony reported a 27 billion yen ($346 million) loss. A strong yen and weak sales in televisions are expected to make this year the fourth consecutive in which the company has been in the red.
In the release, Hirai acknowledged the difficulties facing the company. “The path we must take is clear: to drive the growth of our electronics business — primarily digital imaging, smart mobile and game (devices); to turn around the television business; and to accelerate the innovation that enables us to create new business domains,” the 51-year-old said.
The firm on Wednesday will release financial results for the third quarter.