Sony announces new CEO, stock jumps
Sony has chosen its finance head Hiroki Totoki to become its next chief executive as the PlayStation owner continues to push for a greater share in content creation. The 38-year Sony veteran will assume the CEO role from April 1, while the incumbent CEO Kenichiro Yoshida will remain as chairman.
Shares of Sony rose nearly 4% in trading in Tokyo.
Under Yoshida’s leadership, the tech giant has spent ~$10 billion over the past six years to transition the Japanese firm from a (sometimes unprofitable) electronics company into an entertainment empire of games, music, and movies, the three segments that now account for more than 60% of its revenue. Totoki, the new chief executive, has been credited as Yoshida’s “key partner” during this turnaround, per Jefferies analyst Atul Goyal, via the Financial Times.
The overhaul deepens Sony’s focus on what its leadership has called its “creation shift” — moving its focus from distribution to creation of content.
The group also announced a number of other high-profile positions in content, including Hideaki Nishino to be named as CEO of the video games division. Sony acquired an additional stake in Japanese video game and book publisher Kadokawa earlier this month.
Of course, doubling down on games and movies doesn’t ensure a smooth ride. Last year the company endured a number of high-profile flops.
Under Yoshida’s leadership, the tech giant has spent ~$10 billion over the past six years to transition the Japanese firm from a (sometimes unprofitable) electronics company into an entertainment empire of games, music, and movies, the three segments that now account for more than 60% of its revenue. Totoki, the new chief executive, has been credited as Yoshida’s “key partner” during this turnaround, per Jefferies analyst Atul Goyal, via the Financial Times.
The overhaul deepens Sony’s focus on what its leadership has called its “creation shift” — moving its focus from distribution to creation of content.
The group also announced a number of other high-profile positions in content, including Hideaki Nishino to be named as CEO of the video games division. Sony acquired an additional stake in Japanese video game and book publisher Kadokawa earlier this month.
Of course, doubling down on games and movies doesn’t ensure a smooth ride. Last year the company endured a number of high-profile flops.
