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Published on February 5th, 2018 | by The GC Team

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Sony CEO steps down as profits rise

Sony has announced that its CEO Kazuo Hirai is to step down from his role, effective 1st April 2018.

He will move to the position of Chairman of the company.

Hirai will be succeeded by current Chief Financial Officer Kenichiro Yoshida.

Following the move, Sony is to embark on its next mid-range corporate plan under a new management structure led by Yoshida.

Kazuo Hirai, who became President and CEO in April 2012, said he had dedicated himself to transforming the company and enhancing its profitability, “and am very proud that now, in the third and final year of our current mid-range corporate plan, we are expecting to exceed our financial targets. And it excites me to hear more and more people enthuse that Sony is back again,” he commented.

“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.”

The move was announced as Sony reported consolidated sales up 12% year-on-year to 2.672 billion yen in the third quarter of its financial year. Consolidated operating income was 350.8 billion yen, approximately 3.8 times that of the same quarter in the previous year. Net income was 295.9 billion yen.

In its forecast for the full-year 2017, Sony said it expects consolidated sales to remain unchanged from its October forecast of 8.500 billion yen. Operating income has been revised upwards by 90 billion yen to 720 billion yen, and net income up by 100 billion yen to 480 billion yen, partially due to the recording of a 13.8 billion yen gain in the third quarter resulting from the recent tax reform in the US.

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