Sony Nominates Two Former Apple Execs to Their Board of Directors

Sony is going to have their annual shareholder meeting next month. Among the agenda at the meeting will be the nominations of three new directors, namely Tim Schaff, Eikoh Harada, and Joichi Ito.

Online PR News – 05-June-2013 – Kentucky – The Bravia TV maker, Sony, will be having their annual shareholder meeting on June 20. At the meeting, the board will decide whether to really give each of the three prominent nominees a director's chair. The personalities nominated are former Apple executives Tim Schaff and Eikoh Harada. Joichi Ito of Media Lab is the third nominee.

Sony is hoping that their Xperia smartphones, along with their new board members, will be able to help in competing with fiercely popular Samsung Electronics and Apple products.

Meanwhile, Sony's CEO Kazuo Hirai has already tried to minimise future losses and come up with some annual profit to show at this year's shareholder meeting by selling assets and cutting a few jobs. The company is hoping that Sony's operations will gain new profit this year with Xperia, as well as get some inspiration that would draw customers to the product.

Analyst Koki Shirashi of SMBC Nikko Securities said, “It would help Sony to gain outside board members that have expertise in businesses that Sony is trying to strengthen.” Shirashi added, “It is common for a company to approach people with experience at a growth company.”

The three nominees submitted to the board for approval are set to replace four board members who are going to retire this year. Among the directors who are retiring is former Sony CEO Howard Stringer.

Another agenda to be discussed at the meeting would be whether they would start offering shares of Sony's Entertainment business to the public or not. A Sony shareholder has mentioned that this move might raise the net value of the company's shares and bring in some income, since the division has been quite successful in making box office films last year, particularly with the James Bond film "Skyfall".

Sony is optimistic about Schaff and Harada joining the board, since they both held important positions at Apple and were responsible for many of the successes in the said company in the past. Yuuki Sakurai of Fukoku Capital Management Inc. in Tokyo, however, is not so confident that the two would make much difference. Sakurai stated, “I doubt Sony can catch up with Apple after all this time, it may be better to gain talents from a totally different field." He added, “It’s hard to say whether these nominees will help Sony as it’s not very clear to investors where the company is heading.”

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