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Sony names new president, reorganizes

  • Story Highlights
  • Sony takes measures to slow further fall in profit during economic downturn
  • Howard Stringer will head new management team in new role as president
  • Company to split into two sections, including new consumer products group
  • Sony has warned it will close out fiscal year with operating loss of $2.9 billion
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TOKYO, Japan (CNN) -- Sony Corporation announced a new management team and hailed a major reorganization of the electronics and gaming giant on Friday.

Customers check Sony's Bravia brand LCD TVs at an electronics shop in Tokyo, Japan.

Customers check Sony's Bravia brand LCD TVs at an electronics shop in Tokyo, Japan.

Sony's board of directors named Howard Stringer to head the team, adding president to the titles of chairman and CEO, which he already holds.

The changes will become effect April 1 and will include a reorganization of the company into two distinct sections -- a networked products and services group and a new consumer products group.

The networked products and service group will include Sony computers, mobile devices, media software and services. The consumer products division will include televisions, digital imaging, as well as home audio and video.

"Consumers want products that are networked, multi-functional and service-enhanced utilizing open technologies, and user experiences that are rich, shared and, increasingly, green," Stringer said in announcing the changes. "This reorganization is designed to transform Sony into a more innovative, integrated and agile global company with its next generation of leadership firmly in place."

Sony, like many Japanese electronics companies, has been hard hit by the global recession. Last month, Sony warned it will close out the fiscal year with an operating loss of 260 billion yen ($2.9 billion), its first in 14 years.

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