Sony Shareholders OK New Management

By Yuri Kageyama

TOKYO -- Sony(SNE Quote) shareholders approved a new management setup at the Japanese electronics and entertainment company on Friday that will center power around CEO Howard Stringer and a team of younger executives.

Shareholders approved 15 directors, including Welsh-born American Stringer, the first foreigner to head Sony, who is taking on an additional title of president as well as serving as chairman and chief executive.

Ryoji Chubachi, who has resigned as president, will remain a director. He will become vice chairman overseeing product quality and environment policies and take a more supportive role.

Another part of Sony's new management reshuffle, which has gained public attention recently, is the appointment of Masao Morita, the son of Sony co-founder Akio Morita, as the head of the company's music and movies operations in Japan.

Sony has been no exception among Japan's export-reliant manufacturers in racking up huge losses for the fiscal year that ended in March -- its first annual net loss in 14 years and its first ever caused by red ink in its core electronics business.