Global electronics brand Sony has announced it will replace its top boss as it prepares to post its fourth consecutive full-year loss.
The Japanese company reported a worse than expected loss for the final quarter of 2011 after television sales fell and it struggled with the effects of a strong yen, lacklustre economy and the Thai floods.
Sony made an operating loss of $1.12m for the three months between October and December, despite it including the traditionally-busy Christmas period.
In October, it had a 'double blooper' - it was forced to recall many of its Bravia televisions after faulty parts caused them to melt and its PlayStation network was hacked exposing user details.
Having previously forecast a small operating profit of $245m for the fiscal year ending March 31, it now expects to post a loss of $1.16bn - its fourth consecutive annual loss.
The company also announced it would replace its chief executive Howard Stringer with Kazuo Hirai, who currently sits as executive deputy president and is credited with reviving its PlayStation gaming business.
Analysts have welcomed the move, which takes effect on April 1 saying, although it would be difficult, a younger chief executive may be able to breathe life into the company which has been overtaken by the likes of
Apple and Samsung in the past decade.
Sony was seen as an innovator in the 1980s and 1990s with its Walkman personal music player and PlayStation gaming console.
But it has failed to keep up with Apple's iPhones and iPads, and Samsung's Galaxy range and 3D televisions.
The strength of the yen against other global currencies has made the company's products more expensive for international markets to import.
Meanwhile, the floods in Thailand cost Sony $109m in the quarter, after it was forced to suspend production at its factories, postponing the launch of several products, and repair damage.
However, the company's chief financial officer Masaru Kato said it aims to turn a profit of $2.5bn, on an operating basis, in the next financial year as it halves the losses in its television business.
Shares have lost nearly half their value in the last year.
