Kaz Hirai Hands Sony Corporation‬‬ CEO Reins to Top Lieutenant

Sony is getting a new CEO after it announced that CFO Kenichiro Yoshida will replace Kazuo Hirai as the head of the Japanese firm.

The move will happen April 1, with Hirai shifting to the role of Chairman.

Kaz Hirai Hands Sony Corporation‬‬ CEO Reins to Top Lieutenant

“I have dedicated myself to transforming the company and enhancing its profitability, and am very proud that now, in the third and final year of our current mid-range corporate plan, we are expecting to exceed our financial targets,” Hirai said in a statement.

“As the company approaches a crucial juncture, when we will embark on a new mid-range plan, I consider this 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,” he added.

News of the transition in Tokyo surprised most people on the Culver City lot Thursday night. A company-wide memo was distributed after the news broke in Japan. Sources said there had been clear indications that Yoshida was a rising star, but Hirai’s resignation as CEO was not expected.

Yoshida, who first joined Sony in 1983, is described as a canny strategist and businessman, but one who is inexperienced in the creative arena and with the Hollywood studio business. He has worked closely with Hirai in leading the streamlining and financial turnaround at Sony’s core electronics operations after years of heavy losses. Sources said Hirai feels the company is on solid footing, which makes it a good time for a transition.

“My successor, Kenichiro Yoshida, has supported me closely since returning to Sony in December 2013 , contributing extensively beyond his remit as CFO and acting as valuable confidant and business partner, as we took on the challenge of transforming Sony together,” Hirai said in a statement. “Mr. Yoshida combines a deeply strategic mindset with a relentless determination to achieve defined targets, and the ability to take a global viewpoint.

I believe he possesses the breadth of experience and perspective, as well as the unwavering leadership qualities required to manage Sony’s diverse array of businesses, and as such is the ideal person to drive the company forward into the future. As Chairman, I will of course offer my full support to Mr. Yoshida and the new management team, and do all I can to facilitate a smooth transition and ensure their future success.”