Having been in the job for little over a week, new CEO of Sony Corporation Kazuo Hirai has been searching for a way to fix huge financial woes - the company has faced significant financial loss four years in a row as previously reported¹. According to the Wall Street Journal, Hirai is set to announce a large restructuring plan which is reported to include the loss of 10,000 jobs, or 6% of the global workforce.

There are said to be two major restructuring elements which will bring the bulk of these losses: firstly the deal to sell the chemical products business to the Development Bank of Japan, and secondly the small to medium LCD display operations are set to be moved to a newly formed venture under the banner Japan Display Inc.

The remaining cuts will come from Sony's still failing TV division, which is reported to be losing money for the eighth year in a row.

Notes

1. /sblog/2472/sony-corporation-heads-to-29-billion-annual-loss-hirai-to-take-over-as-ceo videogam.in ↩

Sources

• Wall Street Journal