Sony Corp named the British-born head of its US operations, Howard Stringer, as its new chairman and chief executive on Monday, handing the reins of the struggling electronics maker to a foreigner for the first time. Sony's board agreed to appoint Stringer, 63, at an extraordinary meeting in Tokyo on Monday morning. Current CEO Nobuyuki Idei, 67, will step down to take responsibility for slumping earnings after five rocky years at the helm.
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 year in the business term ending on March 31 amid tough price competition and a lack of hit products.
"The world is simply not the same place it was a few years ago. The needs and expectations of our customers have changed. The dynamics of the competitive landscape have changed," Stringer told a briefing. "So, Sony too, must change."
A native of Wales who holds dual British and US citizenship, Stringer will become the first non-Japanese to run Sony, which was established in 1946 as a maker of telecoms and measuring equipment and grew into one of the world's most recognised brands.