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Sony Corp CEO Kazuo Hirai Is Stepping Down

Akio Kon/Bloomberg via Getty Images
Kazuo Hirai, incoming chairman of Sony Corp., speaks during a news conference on Feb. 2, 2018 in Tokyo, Japan.  

Sony Corp. CEO and president Kazuo Hirai is stepping down and will be replaced in those roles on April 1 by current chief financial officer Kenichiro Yoshida, the company announced Friday (Feb. 2).   

Hirai, who has overseen the turnaround of Sony during his reign since 2012 from heavy losses to forecast record profits for the current fiscal year to March, will become group chairman, a largely honorary role at Japanese companies.  

No reason for the move was given, though rumors that Yoshida would get the top job have circulated for years.  

Sony will hold a press conference today with Hirai and Yoshida after its third-quarter earnings results announcement at its Tokyo headquarters.

This article originally appeared in THR.com.