Sony taps CFO Yoshida as new president, replacing Hirai
Sony Corp. is naming Chief Financial Officer Kenichiro Yoshida as its new president, replacing Kazuo Hirai, who becomes chairman at the Japanese electronics and entertainment company.
Tapped Friday, Yoshida has experience in Sony's U.S. operations, as well as its network, financial and investor relations businesses.
Yoshida and Hirai are set to talk to reporters later in the day.
Hirai said in a statement the timing was right to "pass the baton" to the next leadership.
Hirai has led a turnaround at Tokyo-based Sony, which had sunk into losses as its once prized TV business lost out to rivals such as Samsung Electronics Co. of Korea.
Hirai became president in 2012, taking over from Howard Stringer.
Sony is now headed to booming profits because of its successful chips business.