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Thinkpad Japanese electronics giant, Sony Corporation, has decided to put an American at the helm of the company. Sony may name Howard Stringer as chairman and chief executive today, replacing Nobuyuki Idei.If you would like to receive late breaking business news covered by AXcess News then you need to subscribe. Membership is free.
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Laptop Computers March 7, 2005 (AXcess News) Tokyo - Japanese electronics giant, Sony Corporation (NYSE: SNE), has decided to put an American at the helm of the company. Sony may name Howard Stringer as chairman and chief executive today, replacing Nobuyuki Idei.
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Laptop Computer Stringer, 63, would be the first non-Japanese person to head the company. Sony's board is to meet Monday to discuss management changes, though the company itself has not outright said Stringer was to replace Nobuyuki Idei.
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Desktop Computer Born in Britain, Stringer has been chief operations officer and vice-chairman since November 2003 and already heads Sony's US business as well as chairman of its electronics unit.
Notebooks Idei has been under pressure from sagging sales due to lowering prices in the face of competitors Samsung and Apple. Idei, 67, does not appear to have the confidence of shareholders at this point in the world's no. two electronics manufacturer's future.
Lenovo Sony's stock has been below the Topix Index for 12 months as Idei attempts to develop new products. Shares of Sony are down 14 percent over the last 12 months while the Topix Index gained 5.3 percent. Its profit margins have only been averaging 2.4 percent while sales grew a meager 2 percent.Advertisement
Hard Drive Sony is awaiting European Union anti-trust approval to buy Metro-Goldwyn-Mayer, Inc. for $2.9 billion, which fits with Stringer's past after having been a journalist for 30 years at CBS. His combined knowledge of the entertainment field and the US market make him the best prospect for the Chairman's seat.
Shares of Sony closed Friday at $38.54, up 31 cents.AXcess News will be reporting on any new market trends related to this story. Members should watch their in-box for late breaking business news. If you're not a member, consider joining now.
