Sony Electronics Sets New Sales Record Of More Than $12 Billion For Fiscal Year 1999

Key New Executive Appointments Made

1-Jun-00

Sony Electronics Inc. (SEL) announced fiscal 1999 sales for the year ended March 31, 2000, of $12.2 billion, an increase of more than 15 percent over 1998. SEL continues as the sales leader among Sony Corporation subsidiaries worldwide. SEL President and COO Fujio Nishida addressed reporters in New York City to discuss SEL's performance and vision for the upcoming fiscal year. Nishida mentioned several sectors that contributed to the company's overall sales performance, including FD TrinitronÆ WEGAÆ TV sets, Digital 8ô HandycamÆ camcorders, Digital MavicaÆ cameras, DVD-Video players and VAIOÆ notebook personal computers.""We achieved significant growth in the past year due to the continued success of our new digital AV and IT devices,"" Nishida said. ""We look forward to the challenges of the upcoming year as we migrate our products and services toward Internet and broadband platforms.""New Management RolesNishida said that as SEL continues to evolve towards ""eSony,"" a greater emphasis and strategic direction for the company's Internet and broadband strategies will evolve. At the same time, he made it clear that continued strength within the company's sales, marketing, engineering and manufacturing organizations related to core hardware and recording media businesses is also vital.On that note, Nishida announced three changes within SEL's top management team. First, Edward Grebow, President of SEL's Broadcast and Professional Company (BPC), has been promoted to Deputy President of SEL. Grebow will continue as President of BPC, but will add a new role as head of SEL's ""e-Transformation"" office. This new office's mission has two parts: One is to continue to transform SEL's internal processes to an ""e-platform,"" and the other is to seek out new Internet and broadband business opportunities.In addition, Nobuyuki (Nick) Oneda, SEL's CFO, has been promoted to Deputy President and is responsible for guiding SEL's North American engineering and manufacturing strategy, in addition to his overall financial duties. Grebow and Oneda, along with Nishida, were also recently recognized by Sony Corporation as Group Executive Officers, reflecting the global significance of SEL to Sony worldwide. In an additional appointment, Nishida also announced that Michael A. Vitelli, a 20-year Sony veteran, has been named as the new President of SEL's Consumer Electronics Group (CEG). Vitelli most recently served as an executive vice president of BPC. He has held a variety of key management roles within SEL across various businesses, including the consumer AV business and the company's customer service organization.With the recent inclusion of VAIO PC and related branded computer product business, CEG now accounts for nearly two-thirds of SEL's overall sales.

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