Kazuo Hirai, CEO of lumbering Japanese technology giant Sony, is to step down at the end of March, to be replaced by current chief financial officer Kenichiro Yoshida.
According to Sony, he proposed the management transition to the company's nominating committee, effectively naming his successor.
Hirai's many current titles at Sony include director, representative corporate executive officer, president and, finally, chief executive officer or CEO. But starting April 1, he will become just director and chairman.
"Ever since my appointment as President and CEO in April 2012, I have stated that my mission is to ensure Sony continues to be a company that provides customers with kando - to move them emotionally - and inspires and fulfills their curiosity," Hirai said in a statement.
"As the company approaches a crucial juncture, when we will embark on a new mid-range plan, I consider this to be the ideal time to pass the baton of leadership to new management, for the future of Sony and also for myself to embark on a new chapter in my life."
In particular, under Hirai, Sony masterminded the successful launch of the Playstation 4, which is comfortably the world's most popular games console, well ahead of the Microsoft Xbox and Nintendo Switch.
His successor, Yoshida, said will aim to build on the business foundations established by Mr. Hirai, and execute further reform measures that enhance our competitiveness as a global enterprise, and enable us to realise long-term profit growth
"I am very grateful to Kazuo Hirai and the Sony Board for their trust and confidence in appointing me as Sony President and CEO, and at the same time feel a great sense of responsibility in taking on this vitally important role," he said.
"My first priority will be to finalise our next mid-range corporate plan starting in April, together with our immediate business plan for the fiscal year 2018, and then move ahead swiftly with implementation."
Apart from the Playstation 4, the past few years haven't been so great for Sony, which could explain the shift in management.
The company's last last quarter earnings were rather disappointing, with Sony having to throw in a half-billion dollar write-down. According to its results, the company saw a 54 per cent on-year decline in operating income to 92.4 billion yen in the October-December quarter.
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