Sony CEO’s Credibility Takes Hit With $1.1 Billion Loss Forecast

Kazuo Hirai, who took the helm at Sony Corp. two years ago to revive the Japanese icon, is losing credibility with investors that he’s up to the job.

The chief executive officer pledged when he came in to turn around Sony’s ailing consumer-electronics business and generate a profit at the television unit after $7 billion in losses. Instead, the TV business will lose money for a 10th straight year and he’s forecasting a $1.1 billion annual loss.