Sony CEO says restructuring steps on track
Sony Corp Chief Executive Howard Stringer said on Friday the Japanese electronics conglomerate’s turnaround efforts, which include job cuts, plant closures and a management reshuffle, are advancing well.
“We are seeing steady progress and are working to reduce costs throughout the Sony group by more than 300 billion yen ($3 billion) in fiscal year 2009, compared to fiscal year 2008,” Stringer said, repeating the cost cut target unveiled earlier this year.
Stringer was talking at Sony’s annual shareholders’ meeting.
Sony, which competes with Samsung Electronics Co Ltd in LCD TVs and Canon Inc in digital cameras, last month forecast a second straight year of losses as the global recession batters demand for consumer electronics no fax cash advance.
In an effort to put the company back on the growth path, Sony is implementing far-reaching restructuring steps such as a head count reduction of about 16,000 people and closure of eight of its 57 manufacturing sites.
(Reporting by Kiyoshi Takenaka; Editing by Hugh Lawson)