Sony posted a $2.9 billion loss for October-December 2011 making this the forth year in a row the company has faced significant financial loss1. Kazuo Hirai will be promoted to CEO of Sony Corporation2, moving up from his current role as President of the Consumer Products & Services Group (as well as other executive roles within the company). Hirai will be replacing current CEO Howard Stringer on April 1, 2012 and will be charged with bringing the company back into the black.

Hirai joined Sony in 1995 and helped push the PlayStation brand into the United States through mainstream advertising. He is also known for his E3 presentation in 2006 for the PlayStation Portable in which he was overly excited about Ridge Racer being playable.