Sony shareholders approve new management

MUMBAI: Sony shareholders approved a new management setup at the Japanese electronics and entertainment company yesterday that will center power around Chief Executive Howard Stringer and a team of younger executives.

They approved 15 directors, including Welsh-born American Stringer, the first foreigner to head Sony, who is taking on an additional title of president as well as serving as chairman and chief executive.

Ryoji Chubachi, who has resigned as president, will remain a director. He will become vice chairman overseeing product quality and environment policies and take a more supportive role.

Another part of Sony‘s new management reshuffle, which has gained public attention recently, is the appointment of Masao Morita, the son of Sony co-founder Akio Morita, as the head of the company‘s music and movies operations in Japan.

Sony has been no exception among Japan‘s export-reliant manufacturers in racking up huge losses for the fiscal year that ended in March -- its first annual net loss in 14 years and its first ever caused by red ink in its core electronics business.

Sony Corp. is expecting an even bigger loss for the fiscal year through March 2010, as it gets hammered by sliding global demand, a strong yen and declining gadget prices.

At an annual shareholders meeting in Tokyo, attended by more than 8,300 investors, Stringer sought to allay investor fears about the future of the company that makes the Walkman music player and PlayStation 3 game machines.

"Adam has proven himself to be a terrific executive with a track record of having shepherded some incredibly successful films," Grey said. "We have worked closely with Adam over the last few years and look forward to expanding his duties."

As the new president of the Paramount Film Group, Goodman will report to Grey, while Paramount vice chairman Rob Moore will continue to oversee Goodman on business affairs matters.

Goodman becomes the third executive to oversee all of Paramount‘s film production since Grey was installed as Paramount chairman in January, 2005.

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