TOKYO – Japanese multinational Sony announced on Friday its Chief Financial Officer Kenichiro Yoshida will take over as president and CEO from Kazuo Hirai, who will be the company’s new chairman.
The appointment of Yoshida, 58, will be effective from April 1, Sony said in a statement, and added that Hirai himself had proposed Yoshida’s name for the position and that the company will begin its next mid-range corporate plan under the leadership of Yoshida.
“I have dedicated myself to transforming the company and enhancing its profitability, and am very proud that now, in the third and final year of our current mid-range corporate plan, we are expecting to exceed our financial targets,” Hirai said in the statement.
Hirai, 57, took over as president of Sony in April 2012, and is credited with successfully restructuring the company, which went from posting massive losses at the beginning of the decade to posting its best-ever results for the 2017 financial year, which will end on March 31.
“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 a new management,” he added.
According to Hirai, the chief financial officer possesses “leadership qualities required to manage Sony’s diverse array of businesses, and as such is the ideal person to drive the company forward into the future.”
Yoshida “combines a deeply strategic mindset with a relentless determination to achieve defined targets, and the ability to take a global viewpoint,” said Hirai.
Yoshida, who is also executive deputy president, promised to build on the business foundations established by Hirai and execute new measures to enhance the firm’s global competitiveness.