Sony CEO asked to resign at annual shareholders meeting

Executives respond to investors’ concerns

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Tensions were high at Sony’s 94th annual shareholders meeting in Tokyo today. With 8,360 attendees, today’s meeting was the most attended shareholders meeting for the company – and investors were not pleased. During a Q&A session Sony Corporation CEO Howard Stringer was asked to step down by one shareholder, reports Impress Watch. Sony Corporation’s stock value has steadily declined since March this year – and concerns regarding the loss of consumer trust were raised.

In his defense, Stringer pointed to the March earthquake and tsunami in Japan and ensured investors that Sony is working on improving its information management system. Stringer also pointed out that 90% of PSN users have returned since the network was brought down after a cyber-attack compromised personal information for approximately 100 million customers, suggesting that the consumer trust is still there.

One shareholder suggested that management might be to blame for the attacks against Sony, perhaps referring to the company’s response to PlayStation modder George ‘GeoHot’ Hotz, which led to the hacktivist collective Anonymous declaring war on Sony.

Above: Stringer pointed to the Japan earthquake and tsunami in March when asked about the decline in value of Sony Corporation stock

Sony's Kaz Hirai defended the company's decisions, claiming that Sony was only trying to protect its intellectual property. According to Hirai, this is something that wasn’t done just for the good of Sony, but for third-party publishers, developers, and retailers as well.

A recent class action lawsuit filed against Sony, revealed that Sony had fired a team of network security experts just two weeks before the PSN security breach – and alleges that the company was already aware of security problems before the April outage.

Jun 28, 2011

[Source: Impress Watch, via Andriasang]