Sony's new president and CEO Kazuo Hirai, holding a PlayStation Vita prototype at PlayStation Meeting 2011. Image from Wikimedia Commons
Electronics giant Sony has appointed the former head of its games division Kazuo Hirai as president and chief executive officer in an effort to bring the company back to profitability.
Shareholders approved the appointment of Hirai following an annual meeting in Tokyo, Japan, where the shareholders grilled Hirai and other board members over how Sony would turn its fortunes around, the Associated Press reported.
In March, Sony reported its worst loss in its 66-year corporate history, for the fiscal year that ended that month. A soaring yen, flooding in Thailand, global economic slowdowns, and the earthquake and ensuing tsunami in March 2011 all battered Sony’s profitability.
In April, Sony confirmed it would cut 10,000 staff globally as part of a major restructuring of its business to become more competitive.
The job cuts came as part of Sony’s new business initiative – called ‘One Sony’ – in order to strengthen its core business, expand into emerging markets, realign its resources and boost its television business.
In his new role, Hirai replaces Howard Stringer, who is now chairman of Sony’s board.
