Totoki, 58, will replace current President
"It is necessary to strengthen our group structure at a time of intense changes in the external environment from technological advancements to geopolitical risks," Yoshida said in a press conference.
"Totoki's strength is his strong will for growth, an important quality for an executive," he added. "He believes growth in the company will lead to growth in its employees."
The electronics giant, known for its iconic Walkman portable music players and PlayStation game consoles, has been diversifying its portfolio in recent years, announcing a 50-50 venture with
The firm was considering building a new plant in the southwestern prefecture of
Sony's strength lies in its wide range of businesses, preventing the firm from worsening all at once, Totoki said in a separate press conference the same day.
Totoki joined Sony, now the
"I would like to create a positive spiral that begins with Sony being chosen by customers, which then energizes our employees, enables us to attract more new talent, increases our corporate value, and ultimately enables us to give back to society," Totoki said in a statement.
The announcement was made the same day the company released its earnings results, raising its net profit forecast for the year through March to
That would translate into a 1.4 percent drop in net profit from a year earlier, a narrower drop than was forecast in November when the company projected
"We were able to foresee issues and thereby make preparations to some extent, but we want to maintain a business structure that will keep us from missing the next wave of momentum for growth," Totoki said.
Sony said its gaming segment was boosted by favorable foreign exchange rates and hit works such as the PlayStation game "God of War Ragnarok," which sold 11 million copies in three months since its release in November.
The company put its assumed exchange rate for the
A weaker yen increases the value of Sony's overseas earnings when repatriated, although it inflates import costs for raw materials and components.
Meanwhile, sales of its PlayStation5 console rose to 7.1 million units in the third quarter, with the target revised upward to 19 million units.
The company's movie sector, in contrast, struggled in the third quarter, decelerating from the boost last year aided by its blockbuster film "Spider-Man: No Way Home."
But Totoki remained hopeful, noting that the company was getting ready to release hits, including "Spider-Man: Across the Spider-Verse" later this year, as well as works featuring other Marvel Comics characters.
Sony expects its operating profit for fiscal 2023 to fall 1.9 percent to
The operating profit estimate was revised upward from the previous forecast of
For the April-December period, Sony's net profit increased 4.9 percent to
==Kyodo
© Kyodo News International, Inc., source