Sony Corporation President Ryoji Chubachi announced that he is stepping down on April 1. Howard Stringer, Sony’s Chairman and CEO will remain on board. Stringer will add President as his title on top of the other two positions. Sony is projecting their first annual loss since the last 14 years.
Later today, Sony plans on holding a news conference to make the announcement. Sixty-one year old Chubachi oversaw Sony’s core electronics. He became President in 2005.
The projected net loss for the company is about 150 billion yen for the fiscal year through March. Last year, Sony had a 369.4 billion yen net profit. This year Sony is struggling to compete with competitors such as Apple, Samsung, and Sharp.