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Sony chairman and former CEO Kaz Hirai is retiring
Chairman Kazuo Hirai, who guided Sony through some difficult times over the last five years, has announced his retirement from the company. "Kaz" was appointed CEO and president of Sony back in 2012, shortly after it lost $6.4 billion in 2011. After slashing costs and refocusing the business on gaming and imaging, he brought Sony back to profitability, with the company earning $6.7 billion in fiscal 2017. Hirai stepped down from his CEO role shortly afterwards, handing the reins to CFO Kenichiro Yoshida.
Sony makes moves to dominate image sensors and music
Sony's turnaround was started by its former chief, Kaz Hirai, who insisted that the business kill off weaker businesses to focus on its strengths. His replacement, Kenichiro Yoshida, has unveiled his own, three-year plan to help continue the work that his predecessor began.
Sony CEO completes quest to make the company successful again
If the news that Sony CEO Kaz Hirai will be stepping down in a few months came as a bit of a surprise this morning, then the latest peek at the company's books is a return to something more predictable. In the third quarter of Sony's fiscal year -- covering October through December 2017 -- its Playstation division continued to pull in the most money. Sales of home entertainment and audio gear, as well as camera components, were particularly strong over those three months; and unlike last quarter, smartphone income was in the positive, too.
Sony CEO Kaz Hirai will step aside on April 1st
We're only a few hours away from Sony's latest quarterly earnings report, but Sony has announced that CEO Kaz Hirai will be replaced as of April 1st. While CFO Kenichiro Yoshida is named as his replacement, Hirai will become Chairman, just as Howard Stringer did when Hirai replaced him in 2012. Hirai will retire as CEO with Sony in a much better state than when he took over, after turning its businesses around under his One Sony strategy. Over the last few years, Sony has cut costs repeatedly, selling its Vaio PC operation, revamping the way it makes and sells TVs and refocusing its mobile business. One incident that marred Hirai's tenure as chief was the 2014 hacking of Sony Pictures -- its leader Michael Lynton left about a year ago and the studio is leading in the box office so far for 2018 with Jumanji. When it reports earnings it will likely show huge profits based on the PS4 and the smartphone camera components it sells. Yoshida has proven himself as a key player in the turnaround since becoming CFO in 2013, prioritizing the PlayStation business that has been a visible sign of the company's resurgence. This change comes just after Hirai's successor at PlayStation, Andrew House, also departed the company late last year. Under Yoshida's leadership, Sony will announce a new plan for the future and new management structure on April 1st. In a statement, Hirai said "As the company approaches a crucial juncture, when we will embark on a new mid-range plan, I consider this to be the ideal time to pass the baton of leadership to new management, for the future of Sony and also for myself to embark on a new chapter in my life." According to Yoshida, "My first priority will be to finalize our next mid-range corporate plan starting in April, together with our immediate business plan for the fiscal year 2018, and then move ahead swiftly with implementation."
The only Sony division to lose money this quarter was Mobile
Kaz Hirai's slimmer, fitter Sony hasn't just turned a corner, it's well on its way to earning its highest annual profit in years. The latest update on the company's financial health revealed that it pulled in $18.25 billion in revenue and squeezed out a quarterly net profit of $1.15 billion. As usual, it's Sony's two most prized businesses that stand out on the balance sheet: PlayStation and smartphone image sensors.
PlayStation boss Andrew House will leave Sony at the end of 2017
In 2011 Andrew House took over a troubled PlayStation brand from Kaz Hirai and has since restored its place as a leader in the gaming industry. Now, Sony has announced he's stepping down from his post as president and CEO of Sony Interactive Entertainment. SIE came to be in early 2016, spinning off everything PlayStation and Sony Network as a subsidiary of Sony based in California. According to a press release, he will be replaced by current deputy president John (Tsuyoshi) Kodera effective immediately but will remain in a new position as chairman through the end of the year to smooth the transition. These days the PlayStation 4 family is on top of the sales charts, sports a game library stocked with desirable exclusives and is reaching into new technology like VR. But when House originally took the reins, he had a tough job ahead of him coming off of a disappointing run with the PS3 that included "$599 US dollars" and a hacking incident that took down PlayStation Network for more than a month. House has been with PlayStation since the beginning, working in Sony's marketing and communications department on the launch of the original console, eventually running the PlayStation business in Europe as of 2009.
Sony's turnaround strategy is working
When Sony nominated Kaz Hirai to lead the corporation, he laid out an ambitious strategy that he titled One Sony. Hirai identified three key markets where he wanted Sony to be a leader: digital imaging, gaming and mobile, with the trio pushed accordingly. Five years later, and Hirai's managed to hit two out of three targets, with Sony's most recent financial reports vindicating his plan.
Sony Entertainment CEO Michael Lynton is stepping down
Michael Lynton is moving on from Sony, to focus on being the chairman of Snap, Inc., the parent company of Snapchat. Lynton has been at the top of Sony Pictures for 13 years, a span which included the massive 2014 hacking incident that saw unreleased films, emails and other studio information released on the internet. At the time, his co-chair at Sony Pictures was Amy Pascal, she left the company in 2015. He's also been the CEO of Sony America since 2012, and Sony says that his departure will extend over the next six months as it works to find a replacement. In the meantime, Sony CEO Kaz Hirai will take over the title of Chairman and co-CEO of Sony Entertainment, and maintain a second office at Sony Pictures' headquarters in California.
Sony should be taking bigger risks at CES
I've always had a soft spot for Sony. I grew up with a Walkman cassette player and an absurd 13-inch Sony TV set hooked up to the Sega Saturn in my bedroom. But in recent years, I've grown increasingly concerned about the company's future. Yes, the PlayStation brand is strong, and its image-sensor division remains a lucrative asset. But in so many other categories, Sony is struggling. Take its smartphone business: The X line was a disappointment last year, doing little to change the sluggish sales of the Z series that came before it.
Sony's search for profits could put an end to its mobile future
Focus. Surprise. Kando. Sony CEO Kaz Hirai has thrown these words around like crazy since he set out to revive the company with a three-year plan, and he's been coming up short ever since. Now he's pushing ahead with a new and improved strategy, one that sees Sony basically giving up on growing its mobile business. That's not to say it'll stop making smartphones (though that's possible too), but the company's done betting that its phones will find a home in everyone's pockets. What a shock, right?
We're live-blogging Kaz Hirai's CES keynote, don't miss it!
It's crazy, yes, but CES 2014 is only just beginning. Though we've been on the ground for two days already, the show floor is officially opening tomorrow. To kick things off, Sony CEO Kaz Hirai will be delivering the opening keynote. 4K's a huge trend this year, so expect him to talk about his company's efforts in this area. Of course, there may be some product announcements in store for us as well. We'll be live-blogging his presentation -- catch our updates here. January 7, 2014 8:30:00 AM PST
Sony CES 2014 press event liveblog
Sony likes to dip into all the CES waters, so expect mobile, audio and imaging news from the company. We're betting there will be plenty of big-screen TVs looking to ruin that savings nest-egg too, and we'll be covering it all when the company's big presentation starts at 8PM ET -- that's 5PM right here in Vegas. January 6, 2014 8:00:00 PM EST
Sony CEO Kaz Hirai to kick off CES 2014 with opening keynote
CES 2014 is creeping up on us, and the Consumer Electronics Association (CEA) has announced that Sony President and CEO Kaz Hirai will deliver the headline keynote on the show's first day. Last year, the honor went to Panasonic and its head honcho, Kazuhiro Tsuga. Mum's the word on exactly what Hirai will cover -- other than his thoughts on "innovations occurring at the intersection of content and hardware" -- but if he takes a page out of Panasonic's book, most product reveals will happen at a separate press conference. Admittedly, it's a tad early for scheduling, but if you're ready to clear your calendar, mark yourself as busy for 8:30 AM PT on Tuesday, January 7th.
Sony CEO Hirai: Xperia Z coming to a US carrier shortly
Sony CEO Kaz Hirai had some good news to deliver on stage at D11 -- for US fans, at least. According to him, the Xperia Z, which currently serves as the company's flagship smartphone, is expected to arrive on a US carrier shortly. Unfortunately that's the extent of the details Kaz was willing to offer up, as we expect he wants to give the unnamed operator the opportunity to make the announcement itself. With that said, we have our suspicions that T-Mobile may be involved, thanks to its recent appearance in the FCC with T-Mobile radios. He did, however, mention that this success story is in part thanks to the company's increased marketing efforts in this part of the globe. We'll keep you updated with the news as it trickles out. Update: David Beren from TmoNews grabbed a few shots of the Xperia Z with T-Mo branding, which certainly adds credence to our suspicions that the Z will wind up with the UnCarrier.
Sony report details what Kaz Hirai has achieved in his first year as CEO
In recent years, Sony's state of the union report has made for wince-inducing reading, but one year into Kaz Hirai's "One Sony" strategy we seem to be seeing hints of a turnaround. The company is trumpeting its return to profitability after several loss-making quarters, thanks to boosts in its film and financial services units -- not to mention some aggressive asset sales. Unfortunately, Sony still has the weak heart of its consumer electronics business to nurse, but promises that aggressive cost-cutting in its TV department will see it back in the black shortly. Sony has also announced plans to "significantly expand" its business model around the PlayStation 4 and promises to speed up smartphone development to incorporate the company's hardware and imaging know-how. With one eye on those dwindling PC market figures, Sony will look to make profitable machines rather than chasing market share. The company has also said that, aside from its successful Mirrorless ILC division, will shift focus on its imaging business from consumer electronics to medical and security. With all of this change, let's just hope that no-one forgets to buy someone in the PR department a wider camera lens.
Sony CEO Kaz Hirai talks 4K, Xperia Z, death of the PS2 and more at CES 2013 (video)
4K TVs and streaming? The Xperia Z? The death of the PlayStation 2? Just a few topics of conversation as our own Editor-in-chief Tim Stevens sat down for a one-on-one interview with Sony CEO Kaz Hirai. We won't waste any more of your time here -- head on past the break to watch the full video!
Sony restructuring in Japan: camera lens plant to close with loss of 2,000 jobs
Kaz Hirai's "One Sony" rescue plan was designed to unite the many disparate arms of the conglomerate, shed 10,000 jobs and make cost savings wherever it could. Facilities in Sweden and the UK have already been closed, so now the company is shifting focus to its operations in Japan. Sony will close its Minokamo site, which currently produces camera lenses for DSLRs and smartphones, with production being moved to factories in Kohida and Kisarazu, 840 staff will lose their jobs. The company is also instituting an early retirement program across its various Japanese businesses in order to push the domestic total to 2,000 -- which it must do before a self-imposed deadline of March 2013.
Sony makes Olympus rescue pact official with $645 million investment
After months of speculation about who would step in to save the scandal-ridden Olympus' rocky fortunes, Sony has finally opened up its checkbook. The two companies are entering into a "business and capital alliance," with Sony pumping in $650 million to its former rival. In exchange, it's gaining a seat on the company's board and a 51 percent stake in a new joint venture based on Olympus's coveted medical imaging tech -- something Kaz Hirai outlined in his "One Sony" strategy. The deal also includes a component-sharing agreement in the photography space, with Olympus mirror cells and camera lenses being given to Sony, while image sensors (where Sony is very strong) will go the other way.
Sony Mobile moving HQ to Tokyo, cutting 1,000 jobs in Sweden
Sony's slow and painful transformation continues with a restructuring of its newly-minted mobile division. In October, it's moving its headquarters from Lund, Sweden (presumably a holdover from its Ericsson days) to Tokyo -- for deeper integration -- and repurposing the duties of its facilities in Tokyo, Lund and Beijing. As part of the changes, Sony Mobile will slash 15 percent of its workforce, with 1,000 employees being let go by the end of March 2014, in a trend we've seen across the industry. Most of those affected are in Sweden, with 650 on-site staffers and up to 450 consultants being shown the door.
Sony's final 2011 report shows a record net loss, optimism for 2012
After a slew of bad news and drastically restated projections, Sony has reported the numbers for its full 2011 financial year and as expected, they're not good. The company experienced a record net loss of 456.7 billion yen ($5.73 billion) and an operating loss of 67.3 billion yen. The good news to look forward to however, is that it currently expects an operating profit of 180 billion yen for next year. For the year, it also noted sales of 13.9 million units for the PlayStation 3, 6.8 million PSPs/PS Vitas, 19.6 million LCD TVs and 21 million cameras. Next year, Sony is looking to move 16 million PS3s and 33 million smartphones. New CEO Kaz Hirai has detailed the "One Sony" strategy he hopes will bring the company back to financial health but with its current worth standing at just a fraction of competitors like Samsung and Apple (Reuters pegs it at 10 percent and 3 percent, respectively), the electronics giant has a long, long way to go. Hit the source link below for more dirty financial details, slideshows and spreadsheets.
