Andre Yoskowitz
9 Apr 2012 20:56
Sony has announced it will be cutting 10,000 jobs, 6 percent of its global workforce, in an effort to return to profitability.
The company has seen yearly losses for four straight years but new CEO Kazuo Hirai seems prepared to do anything to make sure the company turns its fortunes around.
Yen strength not seen since the 1940s and competition mainly from Samsung and other Korean manufacturers has led to the demise of Sony and other Japanese cos. like NEC. TV production in particular has been hit hard and Sony, Panasonic and Sharp are expected to have lost $17 billion during the last year alone, mainly on TVs.
The new job cuts will mainly "come from consolidating the firm's chemicals and small and midsize LCD operations."
Along with the cuts, the company is deciding on whether seven executive directors will have to give back their bonuses for the fiscal 2011.