( CNN ) -- Sir Howard Stringer will step down as Sony CEO and president on April 1 , the Japanese electronics giant announced Wednesday . In a widely expected move , Sony has appointed Kazuo Hirai , currently executive deputy president , to replace Stringer as president and CEO , a company statement said . Stringer is expected to become chairman of the company 's board of directors in June , when current chairman Yotaro Kobayashi retires . Stringer , the Welsh-born former journalist and past president of CBS Television Network in the U.S. , was named Sony CEO in 2005 , becoming one of only a handful of foreign chief executives of a listed Japanese multinational company . In a statement , Stringer said the decision was the result of succession plans that began three years ago . Stringer said Hirai has `` distinguished himself through his work in the PlayStation and networked entertainment businesses . `` Kaz is a globally focused executive for whom technology and the cloud are familiar territory , content is highly valued , and digital transformation is second nature , '' Stringer said . `` I believe his tough-mindedness and leadership skills will be of great benefit to the company and its customers in the months and years ahead . '' Sony has faced an uphill battle in recent years . Its stock value fell 54 % in 2011 , hurt by a strong yen that dropped profits brought back home , as well as the twin crises of the March 2011 earthquake and the November floods in Thailand , which hit the company 's supply chain . The hacking of Sony 's PlayStation network last year , compromising privacy data of millions of subscribers , added to the company 's woes . `` As challenging as times are for Sony now , were it not for the strong leadership of Sir Howard Stringer these past seven years , we would have been in a much more difficult position , '' Hirai said in a statement . `` The path we must take is clear : to drive the growth of our core electronics businesses - primarily digital imaging , smart mobile and game ; to turn around the television business ; and to accelerate the innovation that enables us to create new business domains . ''
Sir Kazuo Hirai will step down as Stringer CEO and president on recent years . Sony has appointed Howard Stringer , currently executive deputy president , to replace Stringe . Sony has faced an uphill battle in recent years as its stock value fell 54 % in 2011 .