Masaaki Morita Retires as Chairman of Sony Corp. of America
NEW YORK (AP) _ Sony Corp. said Thursday that Masaaki Morita, chairman of its American subsidiary, is retiring from that post and several others he holds with the company.
Morita, 65, will be succeeded by Ken Iwaki, deputy president and representative director of Sony Corp.
Morita, the younger brother of Sony Corp. Chairman Akio Morita, headed Sony Corp. of America since 1987.
Among other posts, Morita served as deputy president and representative director of the parent company and as such is required under company policy to retire at 65, according to Sony spokesman Steve Burke.
Morita also retires as executive vice chairman and chief operating officer of Sony USA Inc., chairman of Sony Engineering and Manufacturing of America and chairman of Sony Recording Media of America, all effective June 26.
Morita will return to Japan, where he will become chairman and president of Sony Life Insurance Company, Ltd. He will also continue as chairman of the Sony USA Foundation Inc., which governs Sony’s philanthropic activities in the United States.
Morita joined Sony in 1951, beginning his career in magnetic products and moving on to such areas as manufacturing and product development, according to a company statement.
In 1987, while maintaining his responsibilities for managing the corporation’s manufacturing and sales activities worldwide, he moved to the United States to help oversee operations here.
Iwaki, who will take over Morita’s posts, joined Sony Corp. in 1966 and has worked in the company’s a and corporate planning groups, among other areas, the statement said. He worked with Sony Corp. of America from 1971-1976.