Sony chief to fight on after 'annus horribilis'

Nov 10, 2011
Sony chief executive Howard Stringer, pictured in August 2011, on Thursday denied a report he would be stepping down after a year full of setbacks for the Japanese electronics giant.

Sony chief executive Howard Stringer said Thursday that he has no plans to step down and was "up for the fight" of turning the Japanese electronics giant around after a year of setbacks.

"The Queen said she had a year called annus horribilis," Stringer said at a conference here sponsored by The Wall Street Journal and the Boston Consulting Group. "And I sympathize.

"I think this year would defy almost any CEO," he said, adding that "we've become fairly philosophical at Sony" faced with the slew of challenges.

Stringer, 69, who has headed Sony since 2005, dismissed a report in the New York Post that claimed he would be stepping down at the end of the company's fiscal year in March.

"No, I'm not leaving the job," he said. "I'm fighting.

"I'm up for the fight," he said. "I'll get the company through it."

Sony has warned it expects a fourth straight annual loss after struggling this year with the weight of a strong yen, hacker attacks on its PlayStation Network, the earthquake and tsunami in Japan and now Thailand's floods.

Stringer estimated the various events had cost the company around $3 billion overall.

The Tokyo-based maker of PlayStation game consoles and Bravia television sets said last week that it expected an annual net loss of 90 billion yen ($1.15 billion) reversing a forecast in July of a 60 billion yen net profit.

Stringer said the flooding in Thailand, where Sony has manufacturing facilities and sources parts, could affect holiday season shipments.

"We've got Christmas coming and we have some cameras which are our best selling items at the moment, very successful items, and delivery will be really difficult," he said.

Stringer said connecting entertainment content -- movies, TV shows, games and music -- with Sony's devices -- televisions, mobile phones, computers and game consoles -- would be key to Sony's comeback.

"We will have 350 million connected devices by the end of next year and all of those delivering content," he said. "What the public really wants is music TV, movies and videogames, and we have all four of those lined up.

"And once all these devices are connected, and seamlessly as iTunes is, the Sony Entertainment Network will deliver content globally in a way that no other company can do, because we touch more people than any other company on Earth," he said.

Explore further: Alibaba surges in Wall Street debut (Update)

add to favorites email to friend print save as pdf

Related Stories

Sony's Stringer 'sorry' over data breach

Jun 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.

Sony to enter car battery market: Stringer

Dec 03, 2009

Sony Corp. will tap the rechargeable car battery market amid a growing focus on electric cars and green auto technology, chief executive Howard Stringer said Thursday.

Jackson film not part of Sony's new 3-D vision

Dec 03, 2009

(AP) -- Michael Jackson videos or the next Spider-Man movie won't be among the titles that Sony Corp. releases in 3-D as it gears up to boost TV sales with that technology, Chief Executive Howard Stringer ...

Sony boss: cannot guarantee security after hacking

May 18, 2011

Sony chief Howard Stringer has warned he can no longer guarantee the security of the electronics giant's gaming network in the "bad new world" of cybercrime after one of the biggest Internet data breaches.

High hopes for Sony's cut-throat plans

Sep 23, 2005

When Howard Stringer took over the helm of Japanese electronics giant Sony in June, many expected the Welsh national to be merciless in sacking people and closing down factories in an effort to boost profits.

Recommended for you

Alibaba makes Wall Street debut

Sep 19, 2014

Alibaba made its long-awaited Wall Street debut Friday on the heels of a record stock offering that opens the door to global expansion for the Chinese online retail giant.

Alibaba IPO to boost employee fortunes to $8 bn

Sep 19, 2014

Employees of Chinese e-commerce giant Alibaba will see their fortunes swell to nearly $8 billion as the company prepares a massive US stock offering that could be valued at $25 billion.

Alibaba mega IPO caps founder Jack Ma success tale

Sep 19, 2014

When Jack Ma founded Alibaba 15 years ago he insisted the e-commerce venture should see itself as competing against Silicon Valley, not other Chinese companies. That bold ambition from a time when China was ...

User comments : 3

Adjust slider to filter visible comments by rank

Display comments: newest first

canuckit
5 / 5 (1) Nov 10, 2011
Anyway, I think Sony CEO fully deserves a $50,000,000 bonus for 2011.
Nerdyguy
not rated yet Nov 10, 2011
Except your made-up number isn't accurate.

From the L.A. Times:

"Stringer's salary and bonuses for the fiscal year ended March 31 totaled 345 million yen, roughly $4.3 million, down from 408 million yen, or about $5 million, a year earlier, according to a report released Tuesday to Sony shareholders. Sony first began to report executive salaries last year in compliance with a Japanese law that went into effect in 2010."

http://latimesblo...ion.html
LivaN
5 / 5 (1) Nov 11, 2011
I would think,
after struggling this year with the weight of a strong yen, hacker attacks on its PlayStation Network, the earthquake and tsunami in Japan and now Thailand's floods
, Sonys CEO would have more than a 14% salary drop.
Then again, the New York Post thought he'd be stepping down. Guess we're both wrong.