Sony could cut 6 percent of its work force
Monday, April 09, 2012 9:46 AM
Sony Corp. plans to reduce its work force by an estimated 10,000 jobs, or about 6 percent of its global work force, as part of new CEO Kazuo Hirai's restructuring plan, MarketWatch reported. The payroll cuts could run through the two fiscal years until March 2014, although the final timing has not been settled, MarketWatch said. The potential reductions are the first details to emerge of Hirai's restructuring plan, due to be announced at a corporate strategy meeting Thursday, since he replaced Howard Stringer as CEO of Sony in April. After four straight years of losses, Hirai's main focus is to turn around the company's struggling electronics business, which once established Sony as a global brand known for innovative products. But in recent years Sony has failed to match the success of Apple Inc. and Samsung Electronics Co., and its electronics division has suffered from the impact of the strong yen and brutal price competition, MarketWatch said.