Sony Corp Chief Executive Howard Stringer said the loss-making Japanese electronics conglomerate's turnaround efforts, which include job cuts, plant closures and a management reshuffle, are advancing well. Sony last month forecast a second straight year of losses as the global recession b
atters demand for electronics. To get back to growth, it is implementing far-reaching restructuring such as reducing its workforce by about 16,000 people and closing eight of its 57 manufacturing sites. "We are seeing steady progress and are working to reduce costs throughout the Sony group by more than 300 billion yen ($3 billion)," Stringer told the company's annual shareholders' meeting on Friday. He said the company was determined to fight back in the market for networked electronics, where it lags behind Apple Inc's iPod and faces stiff challenges from Microsoft Corp's Xbox 360. Sony has set up a new business group focusing on network-oriented products and services, such as PlayStation video game operations and Vaio personal computers. "In the 20th century, this company created great champion products ... In the 21st century, other companies took our hardware like the Walkman and added network capability and turned it into the iPod," Stringer said. "We are not going to be beaten again in the network age."
atters demand for electronics. To get back to growth, it is implementing far-reaching restructuring such as reducing its workforce by about 16,000 people and closing eight of its 57 manufacturing sites. "We are seeing steady progress and are working to reduce costs throughout the Sony group by more than 300 billion yen ($3 billion)," Stringer told the company's annual shareholders' meeting on Friday. He said the company was determined to fight back in the market for networked electronics, where it lags behind Apple Inc's iPod and faces stiff challenges from Microsoft Corp's Xbox 360. Sony has set up a new business group focusing on network-oriented products and services, such as PlayStation video game operations and Vaio personal computers. "In the 20th century, this company created great champion products ... In the 21st century, other companies took our hardware like the Walkman and added network capability and turned it into the iPod," Stringer said. "We are not going to be beaten again in the network age."For further details : www.washingtonpost.com/wp-dyn/content/article/2009/06/19/AR2009061900411.html
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