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May 8, 2000
(Tokyo, Japan)
At an extraordinary meeting of the Board of Directors held today (May 8, 2000) Sony Corporation provisionally approved a new executive management structure. The aim is to further enhance corporate value by optimizing the company's management system and accelerating the pace of corporate reform. These changes will become effective once the necessary appointments are approved at the Annual Shareholders' Meeting and Board of Directors' Meeting to be held on June 29, 2000.
Under the new system, the Sony Group's global operations management will center around three top executive officers: the Chairman and Chief Executive Officer (CEO), the President and Chief Operating Officer (COO) and the Executive Deputy President and Chief Financial Officer (CFO). To clarify their respective roles, the following appointments will be made effective from June 29, 2000.
In order to clearly distinguish the roles of Directors and Corporate Executive Officers the following Board of Directors ranks will be abolished: Chairman, President, Executive Deputy President and Senior Managing Director. For Corporate Executive Officers, the following ranks will continue: Chairman, Vice Chairman, President , Executive Deputy President, Corporate Senior Executive Vice President, Corporate Executive Vice President, Corporate Senior Vice President and Corporate Vice President.
The post of Chairman of the Board will be separated from Chairman and Representative Director. The Chairman of the Board will provide a vigorous lead in enhancing the Board's supervisory functions in order to strengthen corporate governance.
