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. ...