Kaz Hirai

TOKYO—Sony CEO Kaz Hirai has announced his intention to step down as of April 1. Hirai will move to a new role as chairman of the company. He will be succeeded by current chief financial officer Kenichiro Yoshida.

"As the company approaches a crucial juncture, when we will embark on a new mid-range [corporate] plan, I consider this to be the ideal time to pass the baton of leadership to new management, for the future of Sony and also for myself to embark on a new chapter in my life," Hirai said.

Meanwhile, this morning Sony has announced group revenue up 11 percent to $23.6 billion in Q3 2017.

This story first appeared on TVT's sister publication TVB Europe.