PSP World

Sony appoints Stringer as new CEO

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

"Sony's board agreed to appoint the 63-year-old Stringer at an extraordinary meeting in Tokyo on Monday morning," reports Reuters. "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 financial year in 2004/05 amid tough price competition and a lack of hit products."

"A native of Wales who holds dual British and U.S. citizenship, Stringer will become the first foreigner to run Sony, a company established by engineers in 1946 as a maker of telecommunications and measuring equipment following the end of World War Two."