Sony CEO Kaz Hirai Replaced By CFO

Sony Corp. named Chief Financial Officer Kenichiro Yoshida as its new president and CEO on Friday, replacing Kazuo Hirai, who led a turnaround at the Japanese electronics and entertainment company and will stay on as chairman.

Sony CEO Pressed On Proposed Sell-Off

CEO Kaz Hirai told shareholders at the company’s annual meeting that entertainment is a vital part of the company, the that the board will consider a proposal from hedge fund Third Point to sell 15% to 20% of Sony’s profit-making division.

Sony Promotes Kaz Hirai To CEO

Sony Corp. said today that Vice President Kazuo Hirai will take over the roles of CEO and president on April 1 from Howard Stringer, who will retain the chairman’s post as the company struggles to regain its standing in the consumer electronics sector in which it was once a driving force.