By YURI KAGEYAMA, The Associated Press, Monday, March 7, 2005; Page A09
TOKYO - Sony Corp. named Howard Stringer as its chairman on Monday, a decision that marks the first time a foreigner will head a major Japanese electronics firm and comes as the company seeks to improve results at its faltering core electronics business. Stringer, vice chairman at Sony and chief executive of Sony Corp. of America, replaces Nobuyuki Idei, who has led the Tokyo-based company for a decade.
The management changes come at a time when fears are growing about Sony's ability to revive its electronics operations, which have been battered by cheaper competition from Asian rivals. The decision was made at a board meeting Monday, subject to shareholders' approval in June, Sony said in a statement. Kunitake Ando will also step down as Sony president and will be replaced by Ryoji Chubachi, an executive with experience in Sony's electronics and networking divisions.
"Sony has an unparalleled legacy of boldness, innovation and leadership around the world," Stringer said in a statement. "Together we look forward to joining our twin pillars of engineering and technology with our commanding presence in entertainment and content creation to deliver the most advanced devices and forms of entertainment to the consumer."-----------------