Sony clears-out Board, restructures

Sony has announced the appointment of Sir Howard Stringer as its new chief executive, in a move that makes Sony the first major Japanese company to appoint a foreigner as chief executive (that is, of a Japanese Co which is not fearing collapse, like NISSAN when it appointed Carlos Ghosn) to appoint a foreigner as chief executive.

Sir Howard Stringer, although born English, has pursued his entire career in the U.S. and is credited to have boosted Sony US restructuring program. This news came as a surprise even if Sony has been struggling for years to restore competitiveness and margins.

The analyst world has welcomed the news as positive. However, it can also mean harsh decisions, like those that came along with the so-called ProjectUSA ending up with 9,000 job losses and yearly savings of $700m.