Sony announced to change its name recently at the annual shareholders meeting last Friday. The shareholders approved to change the company name to “Sony Group“.
The company shared a post on Weibo regarding the name change. The new name “Sony Group” will take effect in April 2021.
Coming to the history, Sony is a Japanese multinational company, in Tokyo, founded in 1946 by Jing Shenda and Shoda Morita. Originally the name of Sony is “Tokyo Telecommunications Industry Co. Ltd.,” but the name was changed to “Sony” in 1958.
After over 60 years, the company is going to change its name. Yoshida Kenichiro, CEO said,
“We decided to rename the company to the Sony Group because we want to make full use of the diversity of our business portfolio to promote the development and evolution of the business.”
The company has been criticized with “diversity discounts,” which tend to avoid purchasing stocks in companies with diversified business lines. However, the recent COVID-19 pandemic helps to realize people that companies diversified model has its benefits also like games, music, and other entertainment business to meet the needs of consumers while quarantining.
Currently, Sony manages the entire group and the electronic business, but after the name change, the logistics support function will be separated, and the new Group will mainly focus on human resources and financial issuing for maximum internal collaboration.