Sony CEO Kaz Hirai will step down on April 1

We’re just a few hours away from Sony’s latest quarterly earnings report, but Sony has announced that CEO Kaz Hirai will be replaced effective April 1. Although he will be succeeded by CFO Kenichiro Yoshida, Hirai will become chairman, as Howard Stringer was when Hirai replaced him in 2012. Hirai will retire as Sony CEO in much better shape than when he took the helm, following a change in direction the company’s operations as part of its One Sony strategy.

Over the past few years, Sony has repeatedly cut costs by selling Vaio computers, changing the way it makes and sells TVs, and refocusing its mobile device business. One of the incidents that marred Hirai’s tenure as chief executive was the 2014 hack of Sony Pictures – its leader Michael Lynton left about a year ago, and the studio is leading in ticket sales so far in 2018. Jumanji. When it reports earnings, it will likely show huge profits based on the PS4 and the smartphone camera components it sells.

Since taking over as CFO in 2013, Yoshida has proven to be a key player in the turnaround, prioritizing the PlayStation business, which has been a visible sign of the company’s rebirth. This change comes on the heels of Hirai’s successor at PlayStation, Andrew House, also leaving the company late last year. Under Yoshida’s leadership, Sony will announce a new future plan and a new management structure on April 1.

In a statement, Hirai said: “As the company approaches a pivotal moment when we begin implementing our new mid-range plan, I believe this is the perfect time to pass the leadership baton to new management, which will impact Sony’s future and also for me to start a new chapter in your life.” According to Yoshida, “My first priority will be to finalize our next mid-market corporate plan, along with our immediate business plan for fiscal year 2018, starting in April, and then quickly begin implementing it.”