Loeb Exit Leaves Sony’s Hirai With Bigger Challenges

Activist investor Daniel Loeb’s sale of his Sony Corp. stake removes an annoyance for Chief Executive Officer Kazuo Hirai. The bigger challenges aren’t going away.

Two years into a turnaround effort at the Japanese electronics maker, Hirai is struggling to show progress. While Loeb’s Third Point LLC, which held swaps and convertible bonds, said it earned 20 percent on its $1.1 billion investment since May 2013, the common shares are little changed. Last month, Tokyo-based Sony canceled its dividend and forecast a 230 billion yen ($2.1 billion) annual loss.