Sony Selects New CEO

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*March 7, 2005 *— In a move to "expand upon its core strengths," Sony Corporation announced today that Sir Howard Stringer, a former president of CBS News who has led Sony Corporation of America since 1997, will replace Nobuyuki Idei as chairman and chief executive officer. The formal appointment will be made June 22, however, the management transition is effective immediately.

Stringer’s chief operating officer will be Ryoji Chubachi, a former engineer. The new management team hopes to revitalize its brand image and transform its electronics sector, which brings in 70 percent of its income. The company hopes Stringer’s experience with entertainment and electronics will translate to better branding and better technology and, therefore, larger profit margins.

"We have clearly demonstrated in our U.S. operations that we can achieve significant cross-company efficiencies, and at the same time deliver both extraordinarily quality and record returns," Stringer said in a statement issued by Sony this morning. "I believe the entire global organization is hungry to make this same transition, and all of us in senior management are committed to achieving that goal."

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