Sony Announces New CEO Amidst Continued Losses

Although Sony is still one of most recognizable brand names in consumer electronics, over the past several years, consumers have been voting with their dollars on products from competing brands, especially TVs.

Once the "king of the hill" in TV sales, Sony is now down the list below brands, such as Samsung and Vizio. In addition to the TV division, there have been other financial woes, including the effects of Japan's 2011 earthquake and tsunami and the riots in the U.K. that destroyed major storage facility. However, even though those events haven't helped, Sony's losses in its TV division were already having an impact on its financial health, and Sony has already started outsourcing much of its LCD panel and TV production.

In an effort to re-invigorate its brand name, Sony has announced that it is replacing current CEO Sir Howard Stringer, with current Vice President Kazuo Hirai. The change will become effective on April 1, 2011.

It is interesting to note that Sir Howard Stringer was the first non-Japanese CEO of the Sony corporate empire. For more details on this announcement, and how it might affect consumers, read the report from PC Magazine.

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