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Howard Stringer was brought in to
Sony(SNE - Get Report) after a 30-year career at
CBS(CBS). Since 2005, Stringer has been the global CEO of Sony. He is being replaced by the president and CEO of Sony Entertainment, Kazuo Hirai.
It's a daunting task to describe the mess that Sony finds itself in, most of the blame for which could be placed on Stringer. The Sony Pictures unit has not led its peer studios in total gross revenue since 2006, having fallen behind Warner Brothers of
Time Warner(TWX) and Paramount of
Viacom(VIA). Television sales have been weak, and margins have become razor thin.
Some of this has to do with the overall market for television sets, which has weakened since the big flat panel boom of a few years ago. The rest of the problem has to do with the competition from the likes of Samsung, which has become the dominant global consumer electronics manufacturer. Plus, Sony, which once pioneered the Walkman personal music device, totally missed out on the digital MP3 revolution.
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This company, under founder Akio Morita, once found itself at the top of the electronic mounting, looking down at the rest of the word, but it has since fallen into the valley and has a long way to scale back to the top. Even with Hirai taking over, the company is not worth investing in.