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.
- 1 Half of young women unable to ‘locate vagina’ and 65% find it difficult to say the word
- 2 Perez Hilton apologises for Jennifer Lawrence naked photo leak
- 3 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 4 Mexican woman becomes world’s 'oldest person' at 127
- 5 Jennifer Lawrence 'naked sex video' will be leaked threatens 4Chan celebrity photo hacker
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Ashya King: Parents of five-year-old boy refused permission to visit him in hospital and denied bail at Spanish court
With Douglas Carswell joining Ukip, my party has taken another giant step forward
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
iJobs Money & Business
£40000 - £50000 per annum + benefits+bonus+package: Harrington Starr: SQL Impl...
£85000 per annum: Harrington Starr: Head of IT (Windows, Server, VMware, SAN, ...
£40000 - £50000 per annum: Harrington Starr: You will not be expected to hav...
£500 per day: Harrington Starr: SQL DBA/Developer SQL, C#, VBA, Data Warehousi...