On Monday, Sony (SNE) announced that Phil Molyneux will be succeeded as the president of Sony Electronics by Michael Fasulo.
Molyneux was tapped as the president and COO at the electronics unit in 2010 and made cost-cutting a priority. He will become non-executive chairman at Sony at the beginning of next month, the Wall Street Journal notes.
As the new Sony president at the electronics division, Fasulo will have to revamp the company’s brand, which has suffered from rising competition from rivals like Apple (AAPL) and Samsung. Fasulo currently heads U.S. sales and retail execution as an executive vice president. He joined SNE in 1984.
By tapping a new Sony president, the company’s CEO Kazuo Hirai is hoping to reinvigorate the electronics unit. Hirai has made a number of recent executive appointments across Sony in a bid to turnaround struggling units.
The company recently said that it expected to sell fewer digital cameras, video cameras, TV’s and computers than previously forecast this year. It also cut its estimate for annual earnings by 40%.
Shares of Sony fell more than 1% on news of the new Sony president.