Sony Corp. Chairman Howard Stringer to Retire

Sony Corp. chairman Howard Stringer announced Friday he will step down from his post in June.

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Stringer, the company’s former chief executive and president, shared the news during a speech to the Japan Society in New York, where he told the audience would dedicate his time to focusing on new endeavors, including charity work. He will continue serving as chairman of the American Film Institute, the Los Angeles Times reports.

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"So I will remain busy, though perhaps not such a frequent flier on Japan Air Lines," Stringer said.

Kazuo Hirai, Sony president and chief executive, thanked Stringer for his service. Hirai said in a statement Stringer had been key in the Sony-backed Blu-ray format being victorious over HD-DVD and also hailed his expansion of the company’s film and music ventures. Hirai said Stringer had an “incomparable ability to inspire and invigorate all of those around him.”

In his speech, Stringer praised the company's entertainment arms as "models of stable and innovative leadership" an said he hoped Japanese businesses would improve opportunities for women and younger workers. He added while he will miss Japan, he won't “miss the 14-hour flights 16 or so times a year.”

Stringer became Sony’s CEO in 2005 and stepped back from the position last April.