Sony Corp to Cut 10,000 jobs?

Sony Corp to Cut 10,000 jobs?


Asia Bizz: Japanese electronics giant Sony Corp is reportedly axing  10,000 jobs – which accounts to 6 percent of its global work force. The recent measure has been taken by the new CEO Kazuo Hirai as he is under pressure to return profits to the company, which has been in the red line after four years.

In Japan, even rival companies like NEC Corp, Sumco Corp and Daiwa Securities are trimming costs to boost their business. Earlier the company had also announced the laying off of workers in December 2008  when 16,000 workers lost their jobs following the global financial crisis. Despite the changes and measures, the company could not make enough profit.

The company’s website said that as of March-end 2011, Sony had 168,200 employees on a consolidated basis. Last month, the company said that Hirai would be in direct charge of the ailing business and the reorganization of the company’s business structure. Hirai recently took over as the chief executive from Howard Stringer. The new CEO is also set to give a brief on the company’s business plan on April 12, 2012.

Last month the company also announced that it would sell part of a chemicals and devices subsidiary that makes firm’s chemicals.