Tokyo – Sony Corp. shareholders today approved the appointment of Howard Stringer as new chief executive, making him the first foreigner to head the Japanese electronics and entertainment company.
A native of Wales who later acquired U.S. citizenship, Stringer, 63, has helped make Sony’s music and movie business one of the company’s few bright spots in recent years. He replaces Nobuyuki Idei, who led the Tokyo- based company for a decade.
The vote came at a shareholders meeting.
Stringer, named CEO in March after previously running Sony’s U.S. operations, faces an enormous challenge. Sony has been hit with losses in its consumer electronics business amid competition from cheaper Asian rivals. It has been weighed down with restructuring costs while getting beaten in key growing sectors, such as portable music players like Apple Computer Inc.’s iPod.
Before joining Sony in 1997, Stringer had a 30-year career as a journalist, producer and executive at CBS Inc.
His key role at Sony will be to develop strategic links between the entertainment and electronics business, a plan that Sony has discussed for years but has never fully realized.
The stock has slid 8.7 percent since March 7.
Initial optimism that Stringer would trim expenses and unite its consumer electronics with its media library faded as he has said little publicly about his strategy.
“The sooner we get more direction, the better,” said shareholder Naoki Fujiwara, who manages the equivalent of $184 million at Shinkin Asset Management Co., including Sony shares, in Tokyo.
Stringer, who travels to Tokyo at least once a month from his New York base, has not spoken at a news conference in Japan since the March 7 gathering when he was promoted.
Bloomberg News contributed to this report.
