Sony's CEO still faces challenges even with activist investor's exit
Loeb's exit removes an annoyance but Sony's turnaround effort yet to show much progress
Tokyo
ACTIVIST investor Daniel Loeb's sale of his Sony Corp stake removes an annoyance for chief executive officer Kazuo Hirai. But the bigger challenges aren't going away.
Two years into a turnaround effort at the Japanese electronics maker, Mr Hirai is struggling to show progress. While Mr Loeb's Third Point LLC, which held swaps and convertible bonds, said it earned 20 per cent on its US$1.1 billion investment since May 2013, the common shares are little changed. Last month, Tokyo-based Sony cancelled its dividend and forecast a 230 billion yen (S$2.73 billion) annual loss.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
HCA beats first-quarter profit estimates on higher patient admissions
US FDA approves Pfizer’s gene therapy for rare bleeding disorder
EU toughens rules on Chinese fashion retailer Shein
Best World under fire from shareholders at AGM over dividends, director salaries
‘Extreme’ climate blamed for world’s worst wine harvest in 62 years
Sheng Siong Q1 net profit up 9.3% on higher revenue