Sony has announced that its president, Ryoji Chubachi, is stepping down, with Howard Stringer to take up the role in addition to being chairman and chief executive.
Chubachi steps down on April 1, but will become vice chairman of the company. He will also remain a member of the board and will assist the CEO, while overseeing product safety and environmental policies.
"Consumers want products that are networked, multi-functional and service-enhanced utilising open technologies, and user experiences that are rich, shared and, increasingly, green," Stringer commented in a statement.
"This reorganisation is designed to transform Sony into a more innovative, integrated and agile global company with its next generation of leadership firmly in place. The changes we're announcing today will accelerate the transformation of the company that began four years ago. They will now make it possible for all of Sony's parts to work together to assume a position of worldwide leadership and, together, achieve great things."
Chubachi added: "I look forward to supporting the new management team as they transition into new areas of responsibility and to continuing to add value in my new role."
"I am pleased that, building on the structure we've created over the years, the company is poised for an even greater future."
In addition, SCE president and CEO, Kaz Hirai has also been named EVP of Sony Corporation and president of the Networked Products & Services Group.
On top of his duties as CEO of SCE, Hirai will now lead the department which includes Sony's VAIO and Walkman businesses.
"The mandate of the group is to maximize the potential and pace of Sony's innovation and to enhance profitability in networked products and services," the company explained in a statement.
Sony's share price closed earlier today up 2 per cent to JPY 1,668 (USD 17.1).