The following information is true and accurate at the time of publication.|
December 26, 2000
Masayoshi Morimoto, Corporate Senior Executive Vice President Will Become President & COO of Aiwa Co., Ltd.
(Tokyo, Japan) Sony Corporation (Sony) today announced that Masayoshi Morimoto, Corporate Senior Executive Vice President, will resign from the company as of January 1, 2001 to become President and Chief Operating Officer of Aiwa Co., Ltd. (Aiwa) on the same day. This decision was approved at the Extraordinary Board Meetings held today at both Sony and Aiwa. He is scheduled to be appointed as a member of Aiwa's Board of Directors at the Ordinary Shareholders' Meeting in June 2001 and to be given Representative Director status at the company's Board Meeting following the aforementioned Shareholders' Meeting.
It was also decided at the Sony Board Meeting today that Masayoshi Morimoto will be appointed a Group Executive Officer of Sony as of January 1, 2001.
Aiwa's President position has been vacant since the November 1, 2000 resignation of Yoshio Ishigaki. At Aiwa, Masayoshi Morimoto will join Kozo Ohsone, Chairman & Chief Executive Officer to head up the company's revitalization initiatives.
Upon Masayoshi Morimoto's departure, the areas of his supervising responsibilities at Sony, namely public relations and investor relations will be taken over respectively by Kunitake Ando, President & Chief Operating Officer and by Teruhisa Tokunaka, Executive Deputy President & Chief Financial Officer.