Investors heckle Sir Howard Stringer at Sony's annual meeting
Thursday 28 June 2012
Sony's chairman Sir Howard Stringer was heckled by investors who vented their fury at the annual meeting after the electronics giant made a record loss of ¥456.7bn (£3.68bn).
More than 9,000 shareholders turned up to the meeting in Tokyo, with some asking why Sir Howard should be allowed to stay with the company. The Welshman, who has handed over the chief executive's role to Kazuo Hirai, blamed Japan's 2011 earthquake and floods in Thailand for disrupting production and sales.
Mr Hirai told shareholders he "needed the advice and support of Stringer".
Investors approved the re-appointment of all of the directors, including Sir Howard, to the board.
Analysts remain doubtful, however, about the new chief executive's ability to turn around the group, with shares falling 36 per cent since his appointment in April.
Sony, which makes Bravia TVs, Vaio laptops and PlayStation games consoles, has been struggling with losses in its TV division.
"We take the problem Sony's electronics business is facing very seriously, and we feel a sense of crisis," Mr Hirai told shareholders.
Sony is forecasting a return to profit for the next financial year to March 2013. Its shares have halved in the past year as it loses share to rivals such as Apple and Samsung. The group, which also owns the world's second largest record label, Sony Music, has already warned it will cut 10,000 jobs, or about 6 per cent of its global workforce.
Geoffrey Macnab does not like the comedian's big screen debut
elephant appealThe first 23 lots in our charity auction have now gone. But there are 22 more still up for grabs
Look beyond the usual shows for the best festive telly
The battle for control of Stieg Larsson's £30m legacy
French pub fined €9,000 after customers returned empties to bar - because it's 'undeclared labour'
The unluckiest people of the year 2013
Two PAs cleared of fraud - and Nigella Lawson left reeling at 'ridiculous sideshow' of drug allegations and public dissection of her marriage to Charles Saatchi
Burglar steals video tapes of child abuse, hands them into police
Paul Walker's daughter Meadow attends Justin Bieber Believe premiere
- 1 French pub fined €9,000 after customers returned empties to bar - because it's 'undeclared labour'
- 2 Sun will 'flip upside down' within weeks, says Nasa
- 3 #Teamnigella: It’s the only side to be on
- 4 Christmas comes early: Justin Bieber is 'retiring from music'
- 5 Burglar steals video tapes of child abuse, hands them into police
- < Previous
- Next >
iJobs Money & Business
£59999 - £80001 per annum + Benefits: Pro-Recruitment Group: A Top 10 firm in ...
£50000 - £75000 per annum + benefits + bonus: Harrington Starr: Project Manage...
£60000 - £90000 per annum + benefits + bonus: Harrington Starr: Business Analy...
£Negotiable: Citifocus: High calibre individual with institutional client serv...