Sony will have a new person at the helm of the company.

Kazuo Hirai was named Chief Executive Officer and President of Sony Corporation. The current President and CEO of the company, Sir Howard Stringer will become Chairman of the Board of Directors.

Hirai, currently the Executive Deputy President, was named successor after Stringer recommended him for the position to the Sony's Board of Directors.

"As challenging as times are for Sony now, were it not for the strong leadership of Sir Howard Stringer these past seven years, we would have been in a much more difficult position." said Hirai. "I am grateful to Sir Howard and to the Board for their confidence in me, and I look forward to working with everyone at Sony more closely than ever before to build a strong future for our customers, shareholders, partners and employees."

Hirai will begin his new duties on April 1, 2012.