Sony spins off three business units into newly created Sony Electronics Corporation
Effective April 1By Shawn Knight
Bottom line: Sony this week announced that it will soon be spinning off its Imaging Products & Solutions, Home Entertainment & Sound and Mobile Communications business units into a separate entity called Sony Electronics Corporation. The move likely won't have much of an impact on Sony's consumer-facing entities but could affect some shareholders' portfolios.
The change is set to take place on April 1 and no, this isn't an early April Fools' gag.
In fact, you probably shouldn't expect many pranks come April 1. Google has already called off its plans for fear that they would be received in poor taste due to the ongoing Covid-19 outbreak.
Sony said the establishment of the holding company would accelerate the integrated operation of its Electronics Products & Solutions businesses as well as optimize its organizational structure, talent and business portfolio while simultaneously boosting its competitiveness and creating new business opportunities.
Shigeki Ishizuka has been named president and CEO of the new division with Ichiro Takagi securing the role of executive deputy president and COO.
As PetaPixel highlights, word of the restructuring came roughly 24 hours after reports surfaced claiming activist investor Daniel Loeb was taking advantage of a dip in stock prices to increase his stake in Sony and push for it to spin off some of its business units. We can't say that is what happened for certain but the timing is certainly curious as Loeb has been pushing for change since at least 2013.
Masthead credit: Sundry Photography, Tooykrub