Sony Electronics Corp. Formed to Speed Integration of Core AV, Imaging Businesses

Sony Electronics Corp. will begin operations as a new “intermediate holding company” at the April 1 start of the fiscal year, said Sony Thursday. It will incorporate the three business segments residing in the Electronics Products and Solutions group (EP&S) -- imaging products, home AV and mobile communications. Shigeki Ishizuka, executive officer in charge of imaging products and storage media, will be Sony Electronics CEO. Ichiro Takagi, who supervises Sony’s consumer AV business, including sales and marketing, plus supply-chain logistics, will be chief operating officer. Forming the new company will “accelerate the integrated operation” of the EP&S businesses, and “optimize its organizational structure, talent and business portfolio,” said Sony. EP&S is forecasting a 45% increase in operating profit to 111 billion yen ($1.01 billion) for the year ending March 31, though sales in the segment are projected to decline 11% to 2.07 trillion yen ($18.9 billion). Sony is scheduled to report year-end results in late April.