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Sony CEO steps down

Posted: 03 Feb 2012 ?? ?Print Version ?Bookmark and Share

Keywords:company reorganization? TV business? mobile phones?

Sony Corp.'s president and CEO, Howard Stringer, is stepping down as president and CEO of the company. He will hand over the reins to Kazuo Hirai, a games and music veteran in the company.

Stringer took over the company in 2005 and was the first foreigner to lead the electronics giant. When he steps down, he will stay on as chairman of the company.

Last year, Stringer announced that he was taking a pay cut as Sony was facing difficulties due to factory damages brought about by the March 11 Japan earthquake and tsunami, a security breath that left more than 100 million customers' accounts compromised and a temporary closure of its PlayStation network.

Aside from these, the company also faces challenges with its huge losses in the TV business, mobile phones challenging its key games division and piracy threatening its music as well as film assets.

In coming CEO Hirai was quoted saying, "As challenging as times are for Sony now, were it not for the strong leadership of Sir Howard Stringer these past seven years, we would have been in a much more difficult position."

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