Sony has announced that Kazuo Hirai, the current president and CEO of the company, is stepping down.

The move will  take effect on April 1st, where Hirai will take the role of Director and Chairman of Sony Corporation. Kenichiro Yoshida, the current Director, Representative Corporate Executive Officer, Executive Deputy President, and CFO of Sony Corporation, will take his place.

The transition was proposed by Hirai to the Sony Nominating Committee, and it was quickly approved by their board of directors. Sony notes their next corporate plan will start on April 1st, combined with the new management structure by Yoshida.