A Further Shake-Up At Sony Corp.
First came the March appointment of British-born Howard Stringer -- head of Sony Corp.'s (SNE ) U.S. music and film division -- to be the first foreign boss of the troubled Japanese giant. Then, on Apr. 27, the company announced an imminent board shake-up that will give a more prominent role to outsiders. Sony says it will slash the size of its board from 16 to 12 and ensure that eight are independent directors, pending shareholder approval at the June annual meeting.
As part of a cull of top management, half the current board will step down, including outgoing CEO Nobuyuki Idei. Among outsiders to be recruited are Peter Bonfield, board member of Sweden's Ericsson (ERICY ) and former chief of British telco BT Group (BT ). Sony is still struggling to cut costs. On Apr. 27 it revealed a loss of $532 million for the fourth quarter of the fiscal year ending Mar. 31.
Edited by Rose Brady