Sony to promote CFO Hiroki Totoki to President and COO

Hiroki Totoki Photographer: Kiyoshi Ota/Bloomberg

Sony Group Corp. is promoting Chief Financial Officer Hiroki Totoki to president and chief operating officer, while current president Kenichiro Yoshida will retain his positions as chairman and chief executive officer, the Nikkei reported.

The Tokyo-based entertainment group is expected to report its biggest operating profit decline in two years in the quarter just ended later on Thursday, as rising component costs and weak consumer sentiment combine to hurt margins.

The projected drop follows a strong year-ago quarter, when Spider-Man: No Way Home played in theaters worldwide. Sony, which makes camera sensors for Apple Inc.’s iPhone, has been grappling with a global mobile market contraction, even as production of its PlayStation consoles recovered from Covid-era disruptions toward the end of last year.