Howard Stringer, who was relieved from his duty as the Chief Executive Officer of Sony last year, announced his plan to step down from the board of directors in June during the company’s annual general shareholders meeting.
According to the Financial Times, Stringer will formally cut his tie with one of the leading consumer electronic company after seeing his role slowly reduced over the last few year of his tenure.
Stringer served as Sony’s top honcho for seven years, which saw the company losing its grip on several markets – including the game console industry.
Under Stringer, Sony’s market value took a plunge while some of its major business segments like the PlayStation and HDTV’s suffered big losses.
Kazuo Hirai, who served as the head of Sony Computer Entertainment, became the new company CEO but Stringer stays with the board and later replaced former chairman Yotaro Kobayashi in June of 2012.
Stringer announced his looming retirement from Sony’s board of directors during a Japan Society lecture in New York, saying it’s time for him to find new opportunities elsewhere.
Kobayashi expressed his appreciation to Stringer and his works during his stay at Sony.
“Stringer has a unique capacity to inspire people, to build teams, to make the tough decisions, and to think with clarity and foresight about the challenges we face and how to surmount them,” Kobayashi said of Stinger, who worked for Sony for 15 years and mentored some of the company’s top executives – including Sony’s current CEO.
Sony has been dealt with a myriad of financial problems ever since losing the consumer electronic market to Korean cheabol Samsung and American juggernaut Apple. The company has suffered losses over the last four years but their latest financial report proves to be the biggest fall since the company was founded 67 years ago.