JAPANESE TECH GIANT Sony has announced its CEO Kazuo Hirai is stepping down from his position as firm's bigwig.
Hirai will officially depart the position come 1 April (when the Japanese financial year begins), Sony said, succeeded by the firm's current CFO Kenichiro Yoshida.
According to Sony, he proposed the management transition to the Sony Nominating Committee.
Hirai's many current titles are Director, Representative Corporate Executive Officer, President and Chief Executive Officer. But starting April 1, he will become Director and Chairman.
"Ever since my appointment as President and CEO in April 2012, I have stated that my mission is to ensure Sony continues to be a company that provides customers with kando - to move them emotionally - and inspires and fulfills their curiosity," Hirai said in a statement.
"As the company approaches a crucial juncture, when we will embark on a new mid-range plan, I consider this to be the ideal time to pass the baton of leadership to new management, for the future of Sony and also for myself to embark on a new chapter in my life.
His successor, Yoshida, said 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 realise long-term profit growth
"I am very grateful to Kazuo Hirai and the Sony Board for their trust and confidence in appointing me as Sony President and CEO, and at the same time feel a great sense of responsibility in taking on this vitally important role," he said.
"My first priority will be to finalise 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."
The past few years haven't been so great for Sony, which could explain the shift in management. The last quarter earnings were rather disappointing, with the firm seeing a half-billion dollar write-down. According to its results, the company saw a 54 percent on-year decline in operating income to 92.4 billion yen in the October-December quarter. Yikes. µ
Will make its phones far less desirable for developers
Court docs suggest Apple knew its iPhone 6 devices were susceptible to such damage
And big fines could be levied against those that don't comply
VPNHub offers 'free and unlimited bandwidth' on iOS, Android, Windows and Mac OS