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February 27, 2009
Moves Will Draw on Company's Core Strengths to Spark Further Innovation, Strengthen Competiveness, Improve Profitability and Position Sony as A Global Leader in Products and Services for the Digital, Networked Age
Tokyo, February 27, 2009 -- Sony Corporation ("Sony" or the "Company") today announced a major reorganization and a new management team. The changes, effective April 1, 2009, will fundamentally reorganize the company's electronics and game businesses to improve profitability and strengthen competitiveness in the midst of the continued global economic crisis. They will also accelerate the production of innovative networked products and services by strategically integrating these two business groups.
"Consumers want products that are networked, multi-functional and service-enhanced utilizing open technologies, and user experiences that are rich, shared and, increasingly, green," said Mr. Stringer in announcing these changes. "This reorganization is designed to transform Sony into a more innovative, integrated and agile global company with its next generation of leadership firmly in place. The changes we're announcing today will accelerate the transformation of the Company that began four years ago. They will now make it possible for all of Sony's parts to work together to assume a position of worldwide leadership and, together, achieve great things."
The Board of Directors has endorsed a reorganization of the Company naming Mr. Stringer as President of Sony Corporation in addition to his current responsibilities of Chairman and CEO. Working with his newly appointed electronics leadership team, he will directly oversee the electronics business to enable faster implementation of his strategic direction.
At the heart of the reorganization is the formation of two new business groups:
In addition, two cross-company units will be created with the aim of ensuring that Sony's networked products and services can communicate seamlessly with a common user interface and will reach consumers in a fast, cost-effective and efficient manner:
As of April 1, Dr. Ryoji Chubachi will become Vice Chairman of the Company. He will remain a member of the Board and a Representative Corporate Executive Officer and will assist the CEO and also oversee product safety and quality, and Sony's environmental policies.
Katsumi Ihara is expected to become an executive director of Sony Financial Holdings Inc. ("SFH") subject to the determination at the annual SFH Shareholders Meeting to be held in June 2009, and will no longer be a member of the Board or a Corporate Executive Officer of Sony Corporation as of April 1, 2009. Between April 1 and his appointment in June 2009, he will remain with Sony Corporation as Corporate Executive, Executive Deputy President.
Since the start of the current management structure in June 2005, Sony has implemented a number of structural reforms, improved product competitiveness and enhanced cross-company collaboration under the Sony United initiative. As a result, the Company achieved new fiscal year records in sales and net income in the fiscal year 2007.
Based on this strengthened management foundation, the new management structure announced today aims to provide new products and services, create new customer value, strengthen competitiveness and improve profitability.
"I look forward to supporting the new management team as they transition into new areas of responsibility and to continuing to add value in my new role," said Dr. Chubachi. "I am pleased that, building on the structure we've created over the years, the company is poised for an even greater future."
Additional details of these organizational and personnel changes will be announced at a later date.