this manner, and inspired other Japanese companies to do the same. In 1961, Sony Corporation was the first Japanese company to be listed on the New York Stock Exchange, in the form of American depositary receipts (ADRs). In March 1968, Morita set up a joint venture in Japan between Sony and CBS Records, with him as president, to manufacture "software" for Sony's hardware. Morita became president of Sony in 1971, taking over from Ibuka who had served from 1950 to 1971. In 1975, Sony released the first Betamax home videocassette recorder, a year before the VHS format came out. Ibuka retired in 1976 and Morita was named chairman of the company. In 1979, the Walkman was introduced, making it one of the world's first portable music players and in 1982, Sony launched the world's first Compact Disc player, the Sony CDP-101, with a Compact Disc (CD) itself, a new data storage format Sony and Philips co-developed. In that year, a 3.5-inch floppy disk structure was introduced by Sony and it soon became the defacto standard. In 1984, Sony launched the Discman series which extended their Walkman brand to portable CD products. Under the vision of Morita, the company aggressively expanded into new businesses. Part of its motivation for doing so was the pursuit of "convergence", linking film, music and digital electronics. Twenty years after setting up a joint venture with CBS Records in Japan, Sony bought CBS Records Group which consisted of Columbia Records, Epic Records and other CBS labels. In 1989, they acquired Columbia Pictures Entertainment (Columbia Pictures, TriStar Pictures and others). Norio Ohga, who had joined the company in the 1950s after sending Morita a letter denouncing the poor quality of the company's tape recorders, succeeded Morita as chief executive officer in 1989. Morita suffered a cerebral hemorrhage in 1993 while playing tennis and on November 25, 1994, stepped down as Sony chairman to be succeeded by Ohga. Other affiliations Morita was vice chairman of the Japan Business Federation (Japan Federation of Economic Organizations), and was a member of the Japan-U.S. Economic Relations Group, also known as the "Wise Men's Group". He helped General Motors with their acquisition of an interest in Isuzu Motors in 1972. He was the third Japanese chairman of the Trilateral Commission. His amateur radio call sign is JP1DPJ. Publications In 1966, Morita wrote a book called Gakureki Muyō Ron (学歴無用論, Never Mind School