Sony Hires New President Amidst $1.2 Billion Loss
Electronics giant Sony has been reported to be hiring a new President, Kazuo Hirai. In 2011, Sony didn’t have the greatest year with news of a $1.2 Billion loss. As far as CEO and chairman Howard Stringer, he will remain in his current position.
Kazuo Hirai is no stranger to Sony, having been executive deputy president of North America since last year and working with the company since 1984. He’s managed to do well with their gaming unit and hopefully he can have that success transfer over to other parts of the company with his new position.
“Perhaps Hirai will be capable of bringing Sony back from a more difficult year. Sony last month announced that Samsung is buying its 50 percent stake in the two companies’ joint LCD panel manufacturing business, in an effort to help its foundering TV business. Samsung will pay Sony $935 million for its share; however, Sony said it will take a third quarter loss of about $845 million.”
With increased competition in the tech space and other companies doing exceptionally well, the electronics giant needs a fresh vision and leadership to guide them through 2012 and beyond. They’re not going anywhere anytime soon, however. With assets of over $150 Billion, they can manage through the down times.
Interesting side fact: Part of Kazuo Hirai’s success with Sony’s gaming unit was with the Playstation, Playstation 2, and Playstation 3. With his leadership, they were also able to retain high profits with the second party franchises such as Sly Cooper, Jak & Daxter, and SOCOM: US Navy Seals.
