Sony plans for turnaround

Published on 28/06/2012 00:00

Kazuo Hirai, the former head of Sony’s game division, won shareholder approval yesterday to steer a turnaround at the struggling Japanese electronics giant as its new president and chief executive.

However, frustrated investors at the company’s annual meeting in Tokyo grilled him and other board members, demanding to know how Sony’s past glory was going to be revived.

One shareholder got up without being picked to speak, and began shouting. Another asked why Welshman Sir Howard Stringer, whom Hirai replaced, was staying on as chairman when Sony’s performance had been so dismal under his seven-year tenure.

The firm reported the worst loss in its 66-year history in the year to March. Hirai has already said he will cut 10,000 jobs.