Updated from 2:09 a.m. EST

Sony

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said it plans to reorganize its electronics and game businesses and said Chairman and CEO Howard Stringer will be named president in addition to his current roles.

Stringer will directly oversee the company's electronics business.

Ryoji Chubachi is stepping down as president on April 1. He oversaw the core electronics sector, which is at the center of the unfolding economic woes at Sony, one of Japan's most famous manufacturers. He became president in 2005 when Stringer was named to head the company. Chubachi will remain on the board as vice chairman.

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"This reorganization is designed to transform Sony into a more innovative,integrated and agile global company with its next generation of leadership firmly in place," Stringer said in a statement Friday. "The changes we'reannouncing today will accelerate the transformation of the company that began four years ago."

The Japanese company will form two new business groups under the reorganization. The networked products and services group will include Sony Computer Entertainment, the company's gaming unit, and the company's media software and services operations. Kazuo Hirai, the chief of Sony Computer Entertainment, was appointed head of the group.

Sony said the other business group will be for consumer products and will include the current television, digital imaging, home audio and video businesses.

The Japanese electronics and entertainment company, battered by the global slump and the strong yen, is projecting its first annual net loss in 14 years. Sony is expecting a 150 billion yen net loss for the fiscal year through March. That's a reversal from net profit of 369.4 billion yen the previous year.

Sony has already said it is slashing 8,000 of its 185,000 jobs around the world and closing five or six plants -- about 10% of its 57 factories. It is also trimming another 8,000 temporary workers who aren't included in the global work force tally.

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