Management reshuffle sees new president, chairman for Sony Electronics
posted Wednesday, December 18, 2013 at 6:14 PM EDT
There are big changes afoot today at the helm of Sony Electronics Inc., the company behind the Cyber-shot and Alpha / Alpha NEX camera lines. Current President and Chief Operating Officer Phil Molyneux, a 26-year veteran of Sony who came up through the ranks from the company's UK semiconductor and component business, is to step into an advisory role as non-executive chairman, effective January 1, 2014.
Molyneux's move clears the way for Michael Fasulo, currently Sony Electronics' executive vice president, to take over as president of the company. Fasulo joined Sony in 1984 as a financial analyst, and in his current role has been responsible for Sony's US sales and retail execution. In turn, current Sony Corp. senior general manager, Toshifumi Okuda, will take up the role of deputy president at Sony Electronics. Okuda-san comes from the company's Home Entertainment and Sound Business Group in Tokyo, and has been with Sony since 1986.
Announcing the news, Sony Corp. president and chief executive officer Kazuo Hirai praised Molyneux's performance in his role as president and COO:
"Phil Molyneux, who has ably served Sony for more than a quarter century, came to SEL in 2010 with a specific mission: to transform the business in the face of daunting, industry-wide challenges, reducing costs and streamlining operations. He accomplished those goals and laid a firm foundation for future growth. All of us at Sony are grateful for his dedicated service and passionate commitment to the employees he led for the past three-plus years.
For his part, Molyneux had the following to say about the company's progress:
"I am pleased with the progress made at Sony Electronics over the past three years in terms of the transformation of the organizational capability and overall efficiency of the operation. With this new foundation in place and a new organizational structure in motion, I am confident that Sony Electronics is now on the path to long-term sustainable success. I am pleased to now assume the role of non-executive Chairman at Sony Electronics, Inc."
Incoming Sony Electronics president Michael Fasulo welcomed the opportunity to take the helm, and pledged to rejuvenate Sony's brand in the US market:
"I am both humbled and honored to take on this critical role, and I have strong resolve to lead Sony in the U.S. to success. I am equally inspired by Hirai-san's confidence in me, and am very excited to be leading the folks I've worked with at Sony Electronics for many years. I look forward to Okuda-san's arrival and working as one team to rejuvenate this brand I love."
And Okuda-san also welcomed the challenge, commenting:
"There is no doubt that U.S. is one of the most important markets for Sony. I am very much excited to work and align with Mike and all SEL employees to make Sony regain the leadership position in this important market."
The management shakeup comes on the heels of a cut in sales forecasts at Sony, with products including TVs, PCs, digital cameras, and camcorders not expected to meet earlier sales forecasts. The new leadership structure will be in place from January 1st, one week before the start of the annual Consumer Electronics Show, a key event on the consumer electronics giant's calendar, and a significant opportunity to gain attention for the brand and its products.