By Yuri Kageyama, Business Writer
TOKYO (AP) --Sony appointed a veteran executive as its president Thursday to lead the Japanese electronics and entertainment conglomerate through changing times, and reported a decline in its profit in the last quarter.
Hiroki Totoki, Sony's chief financial officer, will become its president and COO, Sony Corp. said in a statement.
Kenichiro Yoshida remains chairman and chief executive, signaling continuity at the Tokyo-based maker of PlayStation game machines, Bravia TVs and Spider-Man movies.
Also Thursday, Sony reported a 6% decline in net profit for the October-December quarter, at 326.8 billion yen ($2.5 billion). That was down from 346 billion yen a year earlier, as profitability in its financial services was countered by losses in its Pictures division. Quarterly sales grew 13% to 3 trillion yen ($23 billion).
Yoshida proposed the executive change last year to strengthen Sony's management across its diverse operations. It won unanimous board approval Thursday.
Sony, for decades synonymous with Japan's technological prowess, brought mobile entertainment to the world with the music-on-the-move Walkman more than four decades ago. In recent years it been faulted for struggling to coordinate its sprawling operations spanning financial services to video games and music to digital cameras and robot dogs.
Totoki said he will try to live up to the challenge of leading the iconic company.
"I would like to create a positive spiral that begins with Sony being chosen by customers, which then energizes our employees, enables us to attract more new talent, increases our corporate value, and ultimately enables us to give back to society," he said.
The games division has faced headwinds lately, but its new HBO series "The Last of Us," for instance, is proving popular and is expected to boost sales in coming months.
Sony is forecasting an 870 billion yen ($6.8 billion) profit on 11.5 trillion yen ($89 billion) sales for the fiscal year that ends in March. The latest projection is an improvement over last year's. But expected profit still falls short of the 882 billion yen Sony recorded in the previous fiscal year.
Oscar and Emmy-Winning Composer Kris Bowers Joins Barking Owl For Advertising, Branded Content
Music, audio post and sonic branding house Barking Owl has taken on exclusive representation of Oscar and Emmy-winning composer Kris Bowers for advertising and branded content.
Bowers’ recent film scores include The Wild Robot and Bob Marley: One Love, alongside acclaimed past works such as The Color Purple (2023), King Richard and Green Book. His contributions to television are equally impressive, with scores for hit series like Bridgerton, When They See Us, Dear White People, and his Daytime Emmy Award-winning score for The Snowy Day.
In addition to his work as a composer, Bowers is a visionary director. He recently took home the Academy Award for Best Documentary Short Subject for his directorial work on The Last Repair Shop. The emotionally touching short film spotlights four of the people responsible for repairing the musical instruments used by students in the Los Angeles Unified School District (LAUSD). The Last Repair Shop reflects the positive influence that musical instruments have on the youngsters who play them, and the adults in the LAUSD free repair service who keep them working and in tune.
Barking Owl CEO Kirkland Alexander Lynch said of Bowers, “His artistry, diversity of style and depth of storytelling bring an unparalleled edge to the work we create for global brands. His presence on our roster reflects our continued commitment to pushing the boundaries of sound and music in advertising.”
Johanna Cranitch, creative director, Barking Owl, added, “Kris first caught my attention when he released his record ‘Heroes + Misfits’ where he fused together his jazz sensibility with a deeply ingrained aptitude for melody, so beautifully.... Read More