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February 2, 2018

New CEO named at Sony

After a year of financial success, will Sony's current CEO's successor be able to continue this in the years to come?

By April Slattery

Following a dramatic financial turnaround in the last year, Sony CEO Kazuo Hiari has stepped down and made a new appointment.

Current Chief Financial Officer (CFO) Kenichiro Yoshida will be Hiari’s successor, taking over the reins from the current CEO. Yoshida’s promotion is expected to come into force from April 1st, whilst Hiari remains Chairman of the company.

Hiari has held the position of CEO for the last six years and believes this move is what Sony needs to strive forward in today’s market. Handing over the responsibility and control of the company to Yoshida aims to improve Sony’s competitiveness as a global company, according to the current CEO.

The appointment seemed thoroughly fitting, after both Yoshida and Hiari drove Sony down the positive profit path over the last year. Working together, the pair have significantly restructured and scaled down the Japanese electronics company and boosted profits and shares within just a year.

New CEO named at Sony

The electronics company’s PS4 helped boost profits last year.

“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 new management, for the future of Sony and also for myself to embark on a new chapter in my life,” said Hiari in a statement, according to the BBC.

In just a year the pair has sold both Sony’s struggling PC business and television business, as well as launching the hugely successful PlayStation 4 console. The latter to date has sold over 60 million units, with profits rising by a total of 70%.

The success that Sony has seen as a result of Hiari and Yoshida gives investors the confidence in the appointment, especially as share prices have grown by 1.9% as well as profits. Based on the last year, the appointment definitely demonstrates promising results for the years to come.

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Over the last three months alone Sony’s profits have quadrupled, to December, with a record profit figure of 351bn Yen (£2.4bn). In comparison, the figure for the exact quarter the year before was significantly smaller at 92.4bn Yen.

Following the success of the company over the last year, as a result of both Hiari and Yoshida, it looks a promising future for Sony as they embark on this new leadership.

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