Sony Corp., which is predicting its fourth year in a row of losses, has announced that it has selected a new chief executive officer who will replace Howard Stringer, reports Bloomberg.
The job will go to Kazuo Hirai, the story reports. Hirai, 51, will take on the CEO job beginning April 1, while Stringer will become chairman of the board after a shareholders meeting in June, the piece says.
Hirai is among four executives Stringer was grooming to be his successor and the only one who isn’t an engineer. Instead, he has background in the music and gaming industry, the story adds.
The executive change comes after Sony’s stock slid by more than half last year, and the company lost ground to Apple’s iPod and failed to compete with Samsung in TVs and with Nintendo in game consoles, the piece points out.