Kazuo Hirai, who took the helm at Sony Corp. two years ago to revive the Japanese icon, is losing credibility with investors who think he's not up to the job.
The chief executive officer pledged when he came in to turn around Sony's ailing consumer electronics business and generate a profit at the television unit after $7 billion in losses. Instead, the TV business will lose money for a 10th straight year and he's forecasting a $1.1 billion annual loss.
Hirai has now revised Sony's profit forecast down twice in four months and is showing few signs of developing hits to compete with Apple Inc. and Samsung Electronics Co. The steps announced Thursday — selling the personal computer unit, cutting 5,000 more jobs and splitting the TV business into a separate subsidiary — did little to reassure shareholders Sony is making progress.
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