Sony approves Howard Stringer

Sony held its annual shareholders meeting in Tokyo recently with over 8,000 investors attending the unveiling of the new streamlined business. The company’s shareholders restructuring focuses on Chief Executive Howard Stringer and a team of younger executives to support him.

Sony is having to cut costs by 300 billion yen ($3.1 billion) this year and the company hopes that the new management team will be a strong step in the right direction and has centered power to Stringer in order to streamline decision-making.

The Welsh-born Stringer (who’s incidentally a Vietnam veteran) will head up a group including Kaz Hirai, who runs Sony’s gaming division, and the company is looking to combine its strengths “in gadgets and entertainment content, which includes video games, movies and music, to come up with new businesses.”

Hopefully Activision’s CEO Bobby Kotick will consider this good news.