Sony said today that its chief executive, Kazuo Hirai, is stepping down, and will be replaced by the firm's chief financial officer.
Kenichiro Yoshida will take up his new job as chief executive on 1 April, while Hirai will become Sony's chairman.
Hirai said: "As the company approaches a crucial juncture, when we will embark on a new mid-range plan, I consider this to be the ideal time to pass the baton of leadership to new management, for the future of Sony and also for myself to embark on a new chapter in my life."
At time of writing, Sony's shares were up 1.86 per cent on the Topix index.
Hirai spearheaded an overhaul of Sony when he was appointed its boss in 2012. The company has been suffering from huge losses, and Hirai was forced to sell assets and axe thousands of jobs.