Sony investors back CEO, directors despite lossesBy AP News Jun 19, 2014 12:13PM UTC
TOKYO (AP) — Sony shareholders are backing Chief Executive Kazuo Hirai and other top executives despite some heckling about the Japanese electronics and entertainment company’s continuing losses.
They voted at Sony Corp.’s annual shareholders’ meeting held at a Tokyo hotel Thursday. Most votes from institutional investors had been submitted in advance. Attendance totaled 4,662 people, fewer than half for last year.
Some investors got up to ask how Sony had lost its past glory, unable to deliver on exciting products like the original 1979 Walkman portable player.
Hirai, who took the helm in 2012, promised that “the money-losing structure” will be changed this fiscal year, once and for all.
Sony has lost money in six of the seven past years, and is forecasting more red ink for the fiscal year through March 2015.