Sony has named the British-born head of its US operations as its new chairman and chief executive today.
Sony's board agreed to appoint the Mr Howard Stringer (63) at an extraordinary meeting in Tokyo this morning. It is rare a major Japanese company gives its top post to a foreigner.
A native of Wales who holds dual British and US citizenship, Mr Stringer will become the first foreigner to run Sony, a company established by engineers in 1946 as a maker of telecommunications and measuring equipment following the end of World War Two.
Mr Stringer, a former TV journalist, will face the difficult task of boosting profitability at Sony, a sprawling conglomerate whose core electronics division is in danger of falling into the red for a second straight financial year in 2004/05 amid tough price competition and a lack of hit products.
Sony has been outmanoeuvred by rivals Sharp and Matsushita in flat panel TVs and has lost its lead in the portable music industry to Apple's iPod player.