Sony pledges turnaround exit by next year

May 23, 2014 - 9:14:08 am
Sony Corporation President and CEO Kazuo Hirai at a press conference in Tokyo yesterday.

TOKYO: Sony’s Chief Executive pledged yesterday to drag the embattled electronics giant out of a painful restructuring in the current fiscal year and pointed to high-definition technology as a possible saviour for its money-losing TV unit.

Kazuo Hirai made the comments as he unveiled Sony’s newest turnaround strategy, just a week after the Japanese company posted a $1.26bn annual loss.

Much of that red ink stemmed from costs tied to Sony’s exit from the personal computer business, part of a wider shakeup that has seen layoffs and asset sales — including its Manhattan headquarters for more than $1bn.

Sony shares plunged in the wake of the shock loss — it has now lost money in five of the last six years — and followed news that the sprawling firm would not pay bonuses to senior executives for the third straight year.

Hirai appointed in 2012 to resuscitate the company. AFP