Sony CEO Kazuo "Kaz" Hirai will step down end this March

Based on a new report by TheVerge, Kazuo "Kaz" Hirai will be stepping down as Sony's CEO end this March. He will be replaced by CFO Kenichiro Yoshida next fiscal year.

Kaz Hirai's image on Twitter

Kaz will still be a part of Sony. He will move into the role of chairman. On the other hand, the CFO role of Yoshida will go to Hiroki Totoki, the current mobile head and chief strategy officer.

Hirai and Yoshida worked together to restructure Sony and steer it back after several years of losses. They sold the VAIO PC division and focused on areas of strength such as PlayStation and components.

Mr. Yoshida combines a deeply strategic mindset with a relentless determination to achieve defined targets, and the ability to take a global viewpoint,” Hirai says in a statement. I believe he possesses the breadth of experience and perspective, as well as the unwavering leadership qualities required to manage Sony's diverse array of businesses, and as such is the ideal person to drive the company forward into the future. As Chairman, I will of course offer my full support to Mr. Yoshida and the new management team, and do all I can to facilitate a smooth transition and ensure their future success.

Together with the outstanding talent we have across the Sony Group, I will aim to build on the business foundations established by Mr. Hirai, and execute further reform measures that enhance our competitiveness as a global enterprise, and enable us to realize long-term profit growth, Yoshida says. My first priority will be to finalize our next mid-range corporate plan starting in April, together with our immediate business plan for the fiscal year 2018, and then move ahead swiftly with implementation. This is a hugely exciting time at Sony as we look to our future, and together with my management team I intend to determine the best path for us to move forward, and devote my full effort to creating a better Sony that captures the imagination of our many stakeholders around the world.

The company is forecasting a record operating profit of 630 billion yen for the year ending March 31. It suggest that Kaz Hirai will be going out on a high.

Sony may reveal further details and future strategy reports its third-quarter earnings later today.

Source: TheVerge