Tech

Sony denies presidental appointment reports

Published Sunday, Jan 8 2012, 10:10 GMT | By Mark Langshaw | Add comment

Kaz Hirai, Executive Deputy President of Sony Corporation

Sony has dismissed reports that Kazuo Hirai is to replace Howard Stringer as president.

The PlayStation firm rejected claims by Japanese newspaper Nikkei that Hirai will be unveiled as its new leader at a forthcoming board meeting, according to PC World.

Hirai, who serves as Sony's vice president and heads up its consumer products and services division, is widely regarded as the next in line for the top job. Rumours of a leadership change have circulated for some time following deep financial losses at the firm.

Sony's shares have fallen by almost 60 percent since Stringer was appointed president in 2005. Last October, it was forced to restructure its television division following eight straight years of losses posted by its Bravia arm.

The company also sold off its share in a joint venture with Samsung Electronics to produce LCD panels.

Nikkei's report alleged that Stringer was to remain at Sony as chairman and CEO following Hirai's promotion.