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New Sony CEO vows not to pull any punches in cutbacks

updated 07:55 pm EST, Thu February 9, 2012

Kaz Hirai said he's ready to make tough decisions

Sony's Executive Deputy President, Kaz Hirai, said in a recent interview with the Wall Street Journal that no area at the electronics giant is "sacred" when it comes to restructuring. He continued, saying he is ready to make hard decision in terms of cutting both employees and exiting markets or selling ailing businesses. Hirai will take over from the company's current CEO, Howard Stringer, on April 1.

The company employs about 168,000 globally and these ranks are being reviewed, but nothing has been set, Hirai said. His comments suggest the company should sell some of its businesses or create joint ventures in order to reduce costs.

The cuts are seen as necessary, as Sony is expected to post its fourth annual net loss in a row, forecasting a drop of about $2.86 billion. The company, along with other Japanese electronics makers, suffered a particularly hard fiscal year due to the natural disasters in Japan and other regions in Asia as well as the strong yen that led to unfavorable exchange rates.

by MacNN Staff




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