Sony president to step down in April as record loss expected

Friday, 27 February 2009, 11:14 Hrs
Printer Print Email Email
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
SPOTLIGHT
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..