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Business News

Kazuo Hirai keeps top job at Sony despite losses


Sony chief executive Kazuo Hirai has clung onto his job in a tense annual general meeting in Tokyo despite after a year of heavy losses.

He said the electronics firm will post its sixth loss in seven years — in the past two years alone it has lost 85 billion yen (£491 million). Its television business, which has made a loss every year since 2004, has been blamed. Sony is also pulling out of the laptop business to save £650 million.

At the meeting, Hirai was re-elected but shareholders said he needed to move quicker to turn the business around. Sony has seen some success with its PlayStation 4 console and games, and its film business is performing well, with The Amazing Spider-Man 2 grossing £116 million.

Bosses hope to turn a profit at the company by March 2016.