Sony upends the corporate ladder by promoting an executive who is fixated on growth
Sony’s upper management has undergone some changes as a result of a record-breaking quarter that saw the PlayStation division alone generate $9.6 billion in revenue. Hiroki Totoki, the CFO, has been elevated to the position of president, effective as of April 1, the start of the upcoming fiscal year.
Totoki will serve as president and COO alongside current CEO Kenichiro Yoshida, possibly with an eye toward eventually taking the helm. He will still be in charge of his financial responsibilities. Investors think the executive provides the company with a “steady hand” because he was instrumental in determining Sony’s current successful course.
During a financial call, the man in the suit declared, “I am obsessed with growth.” “When growth slows, you enter a downward spiral. Under Yoshida’s direction, our company’s mission has been outlined. That is what I have to do, turn it into a project.
Sony has evolved from a maker of consumer electronics to a major player in the entertainment industry in recent years. Companies like PlayStation, Sony Pictures, and Sony Music now account for a large portion of Sony’s revenue. Its upcoming major project will involve a joint venture with Honda in which it will try to break into the rapidly expanding electric vehicle market.