Sony Announces New Board of Directors Nominations

Sony Announces New Board of Directors

TOKYO — Sony announced the nominees for its board of directors, including five new faces, on Tuesday. One is former U.S. ambassador to Japan John Roos, a veteran Silicon Valley lawyer with an enormous array of contacts who may help Sony strengthen ties, including M&As, with U.S. tech firms. Among other new board selections are former Vice-Minister of Economy, Trade and Industry Kazuo Matsunaga, Sumitomo Mitsui Financial Group prexy Koichi Miyata, Dow Corning Toray chairman and CEO Eriko Sakurai and Sony EVP and CFO Kenichiro Yoshida.

This shakeup comes as Sony prepares to report an expected $1.27 billion net loss on Wednesday, its fourth in five years. In reaction Sony prexy Kazuo Hirai and other top execs will not take their bonuses for the year, resulting in an effective 50 percent annual pay cut, according to the “Wall Street Journal.”

There will be three company and nine outside directors on the new board, a drop of one member from the current crop. The selections will be approved at the Sony general shareholders meeting on June 19.

Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety