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CEO: Sony needed to act sooner, but will reform

By Yuri Kageyama
Published May 22, 2014 10:38am ET
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CEO: Sony needed to act sooner, but will reform
Sony Corp. President and Chief Executive Officer Kazuo Hirai speaks during a press conference at the Sony headquarters in Tokyo, Thursday, May 22, 2014. Hirai is acknowledging the company racked up losses and will stay in the red this fiscal year mainly because it failed to act quickly, but promised to carry out reforms - once and for all. (AP Photo/Shizuo Kambayashi) | Shizuo Kambayashi

TOKYO (AP) — Sony Corp. Chief Executive Kazuo Hirai said Thursday the company accumulated huge losses because it didn’t respond quickly enough to changing market conditions, but promised a return to profit next year.

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