Sony names George Bailey senior vp

Appointed to help restructure the struggling conglomerate

TOKYO -- Sony announced Friday the appointment of IBM's George Bailey to a newly created post of senior vp and Chief Transformation Officer, with a brief to help restructure the struggling entertainment to electronics conglomerate.

The day after it posted a record $1 billion annual loss and confirmed the closure of five more manufacturing plants worldwide -- with job losses to total 16,000 -- Sony announced Bailey will lead a new Transformation Management Office.

The move further internationalizes Sony's senior management, following Sir Howard Stringer's adding of the president role to his CEO position in February.

Bailey will be based in Tokyo, report to Stringer and work with the new Transformation Executive Team to try and regain ground Sony has lost to rivals such as Apple and Nintendo.