Sony president to step down in April as record loss expected

Friday, 27 February 2009, 11:14 Hrs
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Tokyo: Sony's president is to resign in April as the company was forecasting a record loss in the current business year because of a surge in the yen's value and declining sales, it said Friday.

The Japanese electronics giant announced that Ryoji Chubachi would step down and chairman Howard Stringer would serve in both posts as the firm seeks to achieve a recovery in its core electronics business.

Sony was expecting to suffer a net loss of 150 billion yen ($1.53 billion) and an operating loss of 260 billion yen for the business year that ends March 31.

Other Japanese companies such as Toyota Motor Corp and Honda Motor Co also announced their plans to appoint new presidents in June to pull their businesses out of the global economic downturn.
Source: IANS
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