A report from Japanese newspaper Nikkei (via Reuters) says that Sony’s Howard Stringer will step down as president in the spring. His replacement will be Kaz Hirai, who helped Sony build its juggernaut PlayStation business.
Stringer will stay on as CEO and chairman, says the report.
So how has Stringer done in his six years leading Sony?
Not so great. The company hasn’t managed to create any huge breakaway businesses since he took over in 2005, and it said in November that it expected to pull a $1 billion loss in 2011 as its TV business suffered. Sony also suffered a huge embarrassment when hackers stole user data from the PlayStation network. Hirai and other execs bowed their heads in apology after that event.
And Sony’s stock is off 50% since Stringer took over in June 2005. Here’s the chart:
Photo: Yahoo Finance