Pacific Money

Sony to Diversify Amid Renewed Losses

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Pacific Money

Sony to Diversify Amid Renewed Losses

Can fresh board members and a transition into new markets be enough to save a premier Japanese brand?

Sony to Diversify Amid Renewed Losses
Credit: Sony Storefront via Shutterstock

Japan’s once unstoppable technology giant Sony has released some significant news this week. After a dismal four years of losses, the struggling company looked poised to return to health last year when if finally returned its bottom line into the black. However, Bloomberg this morning reported that Sony is expecting another annual loss, “the sixth in seven years… The net loss will probably be 50 billion yen ($490 million) in the 12 months ending March 31.”

Sony also announced two new board decisions this week. Former U.S. Ambassador to Japan John Roos and former Japanese Economy, Trade, and Industry Vice Minister Kazuo Matsunaga were both named outside board directors. Interestingly enough both men are closely linked in Japan to the 2011 earthquake and nuclear disaster at Fukushima. Roos oversaw Operation Tomodachi, which was the U.S. armed forces operation to provide disaster relief following the disaster. Matsunaga was vice minister during that period; prior to that, he had been a career bureaucrat since 1974.

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