Sony shareholders approve Howard Stringer as new CEO

June 22, 2005

Sony shareholders Wednesday approved making Welsh-born former television journalist Howard Stringer the iconic Japanese company's first foreign CEO as the electronics giant struggles to preserve an edge.

Stringer, a US citizen who has headed CBS News and spearheaded entertainment at Sony's US unit, becomes the second foreigner to lead a major Japanese company after Brazilian-born Carlos Ghosn revived Nissan Motor from 1999.

"It is our responsibility to bring the reputation you demand," Stringer told shareholders of the company founded in the aftermath of World War II which came to symbolize Japan's rise into an economic power.

Stringer -- known as "Sir Howard" due to a knighthood conferred by Queen Elizabeth II -- called Sony's storied history "a destiny which I cherish."

"It is a great honor," he said.

He takes over the company that created the Walkman at a time that cut-throat price wars sap into its profits and competitors prove increasingly innovative, as seen with Apple and its iPod.

Retiring CEO Nobuyuki Idei was questioned by shareholders on why Sony was unlikely to meet this year the management's medium-term target of a ratio of 10 percent profits to sales.

"It is partly because of drastic changes in the overall economic environment, which we cannot control directly," said Idei, a career Sony employee.

Stringer defended last year's acquisition of Hollywood studio Metro-Goldwyn-Mayer, which he orchestrated as head of the US unit. The deal raised concerns for the whopping five billion dollars Sony invested with its
consortium partners.

Stringer said MGM will boost Sony's profit through distribution fees of movies in the studio's library and would also enrich Sony products such as Blu-ray optical discs and the PlayStation Portable game machine.

The shareholders also approved the appointment of Ryoji Chubachi, a career engineer, as Sony's chief operating officer.

(c) 2005 AFP

Explore further: Former Sony CEO Stringer to retire

Related Stories

Former Sony CEO Stringer to retire

March 11, 2013

Howard Stringer, the first foreigner to lead Japanese electronics giant Sony during some of its most challenging times, has announced he will retire from the struggling firm.

Fears, hopes grow for Sony under new president

June 28, 2012

(AP) — The record 9,000 shareholders that packed Sony's annual meeting was no cause for celebration. After four years of losses and a halving of the share price, some angry investors doubt even a new CEO can pull the ...

New Sony president gets shareholder approval

June 27, 2012

(AP) — Kazuo Hirai, the former head of Sony's game division, won shareholder approval Wednesday to steer a turnaround at the struggling Japanese electronics giant as its new president and chief executive.

Sony backs US cybersecurity legislation

June 29, 2011

Japan's Sony Corp., victim of one of the largest data breaches in history, voiced support on Wednesday for cybersecurity legislation being considered by the US Congress.

Sony's Stringer 'sorry' over data breach

June 28, 2011

Sony chairman and president Howard Stringer on Tuesday apologised to shareholders and customers over a massive data leak, which helped push its its share price to a two-year low this month.

Recommended for you

Seeing quantum motion

August 28, 2015

Consider the pendulum of a grandfather clock. If you forget to wind it, you will eventually find the pendulum at rest, unmoving. However, this simple observation is only valid at the level of classical physics—the laws ...

Just how good (or bad) is the fossil record of dinosaurs?

August 28, 2015

Everyone is excited by discoveries of new dinosaurs – or indeed any new fossil species. But a key question for palaeontologists is 'just how good is the fossil record?' Do we know fifty per cent of the species of dinosaurs ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.