May 10, 2012 |
Sony Corp., anxious to leave behind a year plagued by floods, earthquakes, economic turmoil and a record $5.6-billion loss, vowed Thursday to return to profitability this year. The Japanese consumer electronics and media giant forecast that it would increase revenue 14% and post a modest $366-million profit this fiscal year, thanks to aggressive cost-cutting and top-to-bottom reorganization that would de-emphasize its once-dominant television business and focus on more profitable products.
April 9, 2012 |
Sony Corp.will cut 10,000 jobs, or 6% of its workforce, as the Japanese electronics conglomerate and its new chief executive try to wiggle back into the black. The company's new head, Kazuo Hirai, will confirm the reductions in what is sure to be a heavily watched briefing on Thursday, the country's Nikkei newspaper reported Monday . Hirai, who took over from Howard Stringer earlier this month, must attempt to steer Sony from its predicted fourth consecutive annual loss back to fighting form against stronger device-making rivals such asApple Inc. Much of the employee scale-backs will come from Sony's deeply unprofitable television business , which has been losing money for the better part of a decade to lower-cost competitors such as Samsung and Vizio.
March 22, 2012 |
Sony Corp. is tapping its Hollywood studio chief, Michael Lynton, as its top entertainment executive in the U.S., the latest development in a well-orchestrated succession plan atop the Japanese electronics and media giant. Lynton will soon be named chief executive of Sony Corp. of America, a role that adds oversight of the company's music sales and publishing businesses to his purview, according to people briefed on the matter but not authorized to speak publicly. He will continue to run movie and television studio Sony Pictures Entertainment in Culver City, although Sony's American unit is headquartered in New York.
February 3, 2012 |
Kazuo Hirai had little to celebrate after just being crowned the next chief executive of Sony Corp. Pummeled by a weak global economy, natural disasters and a strong yen that made its products more expensive overseas, Sony said it was on track to lose $2.86 billion in its current fiscal year, one of the Japanese technology and entertainment giant's worst annual results. The projected annual loss was more than double what Sony anticipated just three months ago when it forecast a $1.2-billion loss for its fiscal year ending March 31. Although the lion's share of the additional red ink - about $1.5 billion - would come from one-time charges from the sale of its stake in an LCD panel facility, foreign exchange fluctuations and other write-offs, about $181 million would be attributed to weakness in Sony's performance, analysts said.
February 2, 2012 |
Kazuo Hirai, whose 28 years at Sony Corp. steeped him in the gaming and music businesses as well as the consumer electronics side, has been appointed the struggling company's next president and chief executive. Hirai's promotion is effective April 1, the beginning of Sony's next fiscal year. The 51-year-old executive will succeed CEO and President Howard Stringer, who will remain as chairman. Hirai joined Sony in 1984, fresh out of college. His first job was as a junior marketing executive at a joint music venture owned by CBS and Sony in Japan.
February 2, 2012
Kazuo Hirai Title: Sony Corp.'s corporate executive officer will become its president and chief executive officer April 1. Age: 51 Education: bachelor of liberal arts, International Christian University in Tokyo, 1984 First job at Sony: junior music marketing executive at CBS/Sony Inc., now called Sony Music Entertainment Japan PlayStation years: joined Sony's computer and video game division in 1995; promoted as president...