14 DAY TRIAL // Bad finances often spell doom for the high ranking executives of companies that suffer them, and this definitely applies to Sony.
The company took a long look at its financial results recently and reached the conclusion that its product sales levels in the Unites States during 2013 were unacceptable.
It was so bad that the company had to cut its profit forecast by 40% recently.
So, as these things tend to go, someone had to take the blame.
Phil Molyneux, president of SEL (Sony Electronics, the sub-branch responsible for the US) has been removed from his position and replaced by Michael Fasulo, COO of SEL, who has been working for Sony since 1984.
Molyneux will become a non-executive chairman, while Toshifumi Okuda will take the post of deputy president. The changes will be finalized on January 1, 2014.