Sony Replaces CFO Following $1.1 Billion Loss

Kenichiro Yoshida will take over from Masaru Kato on April 1 as the conglomerate looks to return to profitability.

Sony will replace its CFO, with Kenichiro Yoshida taking over from Masaru Kato on April 1.

The conglomerate, led by CEO Kaz Hirai, announced the personnel change on Friday.

Sony continues to look for cost-cutting measures after predicting a $1.1 billion loss for the financial year that ends this month and looking to return to profitability.

Yoshida, 54, joined Sony in 1983 and has been deputy CFO since December. Kato will remain a director at Sony and become vice chairman, but will also relinquish his title of executive vp.

Sony had announced on Thursday that it would sell a group of buildings near its headquarters in Shinagawa to real estate company Sumitomo Realty & Development for $68.3 million (?7 billion) as it continues to dispose of non-essential assets.