Today Sony Corporation announced that it has named Kazuro Hirai as President and Chief Executive Officer, replacing Sir Howard Stringer who is to become Chairman of the Board of Directors in June 2012. Since Stringer took office in 2005, Sony’s stocks have reduced by approximately half, and the company has reported losses for four consecutive years. In September 2000, Sony was valued at $200 billion, but now its value has decreased to just $18 billion. Stringer stated, "I believe [Harai’s] tough-mindedness and leadership skills will be of great benefit to the company and its customers in the months and years ahead." Kazuo is currently head of the company’s consumer electronic business and will officially take office on April 1 of this year.