Investors heckle Sir Howard Stringer at Sony's annual meeting
Thursday 28 June 2012
Related articles
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 Serena Williams apologises after comment that rape victim 'shouldn't have put herself in that position'
- 2 Disability campaigners celebrate 'victory' after government rethink over plans to make it more difficult to claim disability benefits
- 3 Bankers could face jail after report urges the Government to introduce new criminal offence for reckless management
- 4 Breaking the Silence: In the reality of occupation, there are no Palestinian civilians – only potential terrorists
- 5 We never knew Nigella Lawson - and we still don’t
How will you make today delicious?
Tell us how you plan to make today delicious and you could win a £50 M&S gift card.
Win a Nook® Simple Touch eReader
Find out how Nook® is supporting the Evening Standard's Get Reading campaign - and your chance to win one.
Free reading festival for families
Follow The Standard's campaign to get London's children reading - and experience this unique event at Trafalgar Square on 13 July.
Enter the latest Independent competitions
Win anything from gadgets to five-star holidays on our competitions and offers page.
Business videos from commercial thought leaders
Watch the best in the business world give their insights into the world of business.
iJobs Money & Business
FX Options Front Office Java / C# Developer
£500 - £600 per day: Orgtel: FX Options Front Office Java / C# Developer - Ba...
Project Manager - Front Office - Regulatory IT
£600 - £700 per day: Orgtel: Project Manager - Front Office - Regulatory IT C...
FATCA Project Manager
£600 - £750 per day: Orgtel: FATCA Project Manager - Banking - London - £600-...
Fidessa Analyst / PM - Banking - London - £600pd
£550 - £600 per day: Orgtel: Fidessa Analyst / PM - Banking - London - Up to £...
Day In a Page
Babies behind bars
Sonic youth: The high-pitched sound alarm
The art of living in small spaces
'Teaching bright children isn't rocket science'
Can technology lure us back to the high street?



Comments