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Sony outlines 3-year recovery plan, targets $4.2B earnings

Money-losing Sony will spin off its video-and-sound business into a separate company and shrink its headquarters as part of a three-year turnaround plan to speed up decision-making and become profitable again. The company is targeting an operating profit of 500 billion yen ($4.2 billion) and a 10 percent return on equity for the fiscal year through March 2018, but it won't target sales, highlighting its new approach of valuing profitability and not going after size. "The Sony spirit is about doing what others didn't dare to do" Chief Executive Kazuo Hirai said Wednesday in outlining the company's strategy. Sony must not be afraid to change if it hoped "to...

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