Sony Names Stringer First Foreign CEO

In a surprise move, Sony has named British-born head of its U.S. operations, Howard Stringer, as its new chairman and chief executive on Monday.

“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. “

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