Sony's (SNE) New CEO Makes Understatement of the Year...
Tweet
Share
E-mailGet Alerts SNE Hot Sheet
Join SI Premium – FREE
In an early-January interview with the WSJ, new Sony Corp. (NYSE: SNE) CEO Kazio Hirai made a massive understatement while at the same time foreshadowing of things to come.
Although Hirai admitted he thought the toughest challenge for him would be turning around the PlayStation segment, he also pointed to Sony's electronics business, saying, "It's one issue after another. I feel like 'Holy s—, now what?'"
Holy s--- is right... Just announced Wednesday, Hirai will become the company's CEO in April.
Hirai's first task is to scale-down Sony's TV business. Last November Hirai stated the unit would lose ¥175 billion this fiscal year, halving that next year, and then returning to profitability in 2013.
He also wants to build a better, more immersed Sony. From being just a company which offered great gadgets, Hirai said Sony "can't just continue to be a great purveyor of hardware products..." Though his predecessor Howard Stringer was one of the first execs who envisioned a complete environment that offered Sony users a unique viewing experience, Hirai might be the right candidate to carry that vision forward.
The WSJ noted Hirai started his career at Sony (of which he's been apart of since graduation from college) translating for the Beastie Boys. Hirai led the development of the PlayStation console, then a joint project between Sony's electronics and music arms, and then took control at Sony's gaming exhibitions like the E3 event in Los Angeles, one of the biggest gaming events of the year.
On Thursday, Sony shares are down over 6 percent following third-quarter results and a concerning outlook from the company.
Although Hirai admitted he thought the toughest challenge for him would be turning around the PlayStation segment, he also pointed to Sony's electronics business, saying, "It's one issue after another. I feel like 'Holy s—, now what?'"
Holy s--- is right... Just announced Wednesday, Hirai will become the company's CEO in April.
Hirai's first task is to scale-down Sony's TV business. Last November Hirai stated the unit would lose ¥175 billion this fiscal year, halving that next year, and then returning to profitability in 2013.
He also wants to build a better, more immersed Sony. From being just a company which offered great gadgets, Hirai said Sony "can't just continue to be a great purveyor of hardware products..." Though his predecessor Howard Stringer was one of the first execs who envisioned a complete environment that offered Sony users a unique viewing experience, Hirai might be the right candidate to carry that vision forward.
The WSJ noted Hirai started his career at Sony (of which he's been apart of since graduation from college) translating for the Beastie Boys. Hirai led the development of the PlayStation console, then a joint project between Sony's electronics and music arms, and then took control at Sony's gaming exhibitions like the E3 event in Los Angeles, one of the biggest gaming events of the year.
On Thursday, Sony shares are down over 6 percent following third-quarter results and a concerning outlook from the company.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Recent selloff in this EU industrial stock is creating an attractive entry point: BofA
- This EU airline stock is Bernstein's Best Idea for Q3
- Goldman says this company is a key beneficiary of Saudi Arabia's capex boom
Create E-mail Alert Related Categories
Insiders' BlogSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
