Sony Corp. named Howard Stringer, head of its U.S. operations, as its new chairman and CEO.
Sony's board agreed to appoint Mr. Stringer at a meeting in Tokyo on March 7. Current CEO Nobuyuki Idei, will step down to take responsibility for slumping earnings after 5 rocky years at the helm.
Mr. Stringer, a former TV journalist, will face the difficult task of boosting profitability at Sony, a sprawling conglomerate whose core electronics division is in danger of falling into the red for a second straight financial year in 2004/05 amid tough price competition and a lack of hit products.
A native of Wales who holds dual British and U.S. citizenship, Mr. Stringer will become the first foreigner to run Sony, a Japanese company established by engineers in 1946 as a maker of telecommunications and measuring equipment following the end of World War Two.
Sony said the management transition would begin immediately but that the changes would become official on June 22, subject to approval at a general shareholders' meeting on the same day. (Reuters)
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