Sony Corp. has officially announced the future promotion of Kazuo Hirai to President and Chief Executive Officer (CEO) of the company, a move which was rumoured earlier in the month.
The move will go through on the 1st of April and will see Howard Stringer replaced. Stringer will then take up a new role as chairman of the board.
Hirai, who is now 51, will be charged with stemming the tide as Sony faces its fourth year of losses. Despite still being a powerhouse in the world of electronics, Sony has lost its lead in numerous departments. Apple took over as the prominent portable music device, while the PlayStation 3 failed to continue Sony's domination over the home console market. Its TV business has also seen declines due to the emergence of LG and Samsung.
"The path we must take is clear - to drive the growth of our core electronics businesses," Hirai said in a statement released by Sony.
Many people in the video games industry know Kaz Hirai for spearheading Sony Computer Entertainment, as well as his infamous quips from his presentations.