Sony has announced that the company's CEO Kaz Hirai will be stepping down on April 1. CFO Kenichiro Yoshida has been named his replaced as Hirai assumes the role of Chairman.
The news comes ahead of Sony's most recent quarterly earnings, and Hirai leaves behind him a company he helped steer back into profitability through his "One Sony" initiative. Hirai hired his eventual successor Yoshida, who in a statement announced that he will continue to work on policies that will deliver long-term growth.
"As the company approaches a crucial juncture, when we will embark on a new mid-range plan, I consider this time 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," said Hirai in a statement.
We will update this story as more details develop.