Sony Corp. Chairman Howard Stringer has announced he will retire this June. Stringer announced his retirement during a speech in New York on Friday, and the company confirmed the news on Sunday. Stringer is slated to step down as Chairman during Sony's annual general shareholders meeting in June. According to multiple reports, Stringer plans to focus his time on charity work, as well as serving as Chairman of the American Film Institute.

Stringer has spent the past 15 years at Sony, which has faced many financial troubles in recent years. He was named President/CEO in 2005 and last year announced that Kazuo Hirari would replace him as President/CEO of the company.