Sony CEO asked to resign at annual shareholders meeting

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]


  • Rockmotron9000 - June 28, 2011 7:06 p.m.

    Very interesting T-Nag! i wonder if he'll actually resign. I have to wonder though, what good is it to the company's policy if the CEO resigns? I'm asking honestly, because i really don't know. Is he being asked to resign because he had a hand in the decision making process that led to Sony getting hacked? or because Sony got hacked on his watch? because of his actions after the attack? anybody have any insight?
  • therawski - June 28, 2011 6:42 p.m.

    Shareholders might not even play games, they only care about their returns. But if they can find a better person to direct them better as a company economically, maybe the games and security will be better?
  • bawrash - June 28, 2011 6:41 p.m.

    sony deserve everything they get. Sure he's a hacker but I hate people and companies who set out to use one person as an example. If he's guilty he'll get whats coming to him but it shouldn't be anymore than other hackers.
  • reson8er - June 28, 2011 6:31 p.m.

    Not Shareholders(plural), Shareholder(singular) "One shareholder asked Stringer to step down as head of the company in light of the attacks, a notion that the CEO reportedly sidestepped." Source:
  • Fraught - June 28, 2011 6:29 p.m.

    @MyCoolWhiteLies: And what convinced you that they're "getting their shit together"? I mean, sure, they might be better now than they were at the very beginning of this generation, but that's a given. It's either total burndown, or gradual improvement. But I don't really get what makes you say that they've finally improved so much.
  • MyCoolWhiteLies - June 28, 2011 5:56 p.m.

    Geez. Sony's been through a lot of shit this year, and honestly, I don't think this would help. As much as their management has bugged me this generation, they finally seem to be getting their shit together, despite a number of setbacks.
  • OldScho0l - June 29, 2011 3:11 a.m.

    I sure hope that someone is taking a close look at the people on that security team that was fired. They had the means and the motive for the attacks on the PSN. I would be willing to bet that one of them was directly or indirectly involved in the attacks.
  • 8bitBaby - June 28, 2011 7:22 p.m.

    wow. well... maybe it IS time for sony to change up a few things. it is a company, this is a business, and this has not been a good year for them so far.
  • GhostofTaft - June 28, 2011 7:12 p.m.

    Kevin Butler, nooooooo!
  • Andyjoe - June 28, 2011 6:48 p.m.

    Wait, Kaz "Riiidge Racer" Hirai is the VP now? I didn't know that. But yeah, it seems like Sony has been getting themselves deeper and deeper in the PR crap pile all this year. I hate to say this about the company that got me started in gaming, but if I had to bet on which company would be the next to fall it would have to be Sony.
  • lilspooky - June 28, 2011 6:23 p.m.

    I think the CEO should step down. The way Sony handled the hacker attack was a PR disaster. He also made a choice to protect Sony's secrets over customer data, I understand the need to protect your company's secrets, but not at the expense of your user base. Before the attacks Sony made some Antihacker comments, along the lines of bring it on". well it was brought. I feel comments like this is just poor PR.

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