Sony Replaces CFO After Surprise $1.1 Billion Loss Forecast

Sony Corp. (6758), the maker of Xperia smartphones and tablets, named Kenichiro Yoshida as its new chief financial officer less than two months after forecasting a surprise 110 billion yen ($1.1 billion) annual loss.

Current CFO Masaru Kato will become vice chairman from April 1, Tokyo-based Sony said in a statement today. In the role, Kato will deal with overseas operations and become China representative, spokeswoman Yo Kikuchi said by phone.

Chief Executive Office Kazuo Hirai is trying to cut costs to spur a revival at a company hit by declining demand for televisions, cameras and personal computers. Sony is struggling to find new hit products to capture a consumer shift to mobile devices from Apple Inc. and Samsung Electronics Co.

Hirai consulted with both executives on succession planning last year, Kikuchi said. Yoshida, 54, has been deputy CFO since December.

Shares of Sony rose 0.9 percent to close at 1,897 yen in Tokyo trading, before the announcement. The stock has gained 3.9 percent this year compared with an 8.9 percent drop in the benchmark Topix index.

To contact the reporter on this story: Grace Huang in Tokyo at xhuang66@bloomberg.net

To contact the editors responsible for this story: Michael Tighe at mtighe4@bloomberg.net Robert Fenner, Aaron Clark

Source: Sony Corp. via Bloomberg

Kenichiro Yoshida, newly named chief financial officer of Sony Corp. Close

Kenichiro Yoshida, newly named chief financial officer of Sony Corp.

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Source: Sony Corp. via Bloomberg

Kenichiro Yoshida, newly named chief financial officer of Sony Corp.

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