Dive Brief:
- Japanese electronics and entertainment giant Sony Group Corp. said its CFO, Hiroki Totoki, will become president and chief operating officer of the company, while also continuing to perform his current duties.
- In his new capacity as president, Totoki will succeed Kenichiro Yoshida, who will retain his CEO title, the company said in a statement on Thursday.
- The appointments, which become effective April 1, were proposed by Yoshida and approved by the company's board of directors, following deliberation by its nominating committee, the company said.
Dive Insight:
The move will help the company strengthen its management structure and "thoroughly implement capital allocation, collaboration between businesses, and business portfolio management," Yoshida said Thursday during a press conference in Tokyo.
He said Totoki will continue as CFO because this role requires a deep understanding of the business and is closely related to the duties of the COO.
Sony also announced that its consolidated sales for the third quarter of 2022 increased 13% compared to the same quarter of the previous fiscal year to 3 trillion 412.9 billion yen and consolidated operating income decreased 36.4 billion yen to 428.7 billion yen.
The company is seeing “strong results this fiscal year, including record sales,” Totoki said during the press conference. “On the other hand, looking at our current business environment, there is increasing instability due to factors such as the uncertain global economic outlook, geopolitical risks, energy issues and the natural environment.”
Totoki, 58, became Sony's CFO in 2018 after serving in various other roles. He joined the company in 1987.
