Sony to Cut Manager Roles, Sells Olympus Shares

Sony says it will reduce the number of management-level employees across all of its businesses to 20% from a current level of 40%, as part of a major overhaul of its personnel and pay structure. The move is part of Sony’s long-running attempts to reduce costs and return its business to profitability.

In a separate announcement, Sony said it has sold around half of its remaining stake in camera manufacturer Olympus, netting the company a capital gain of ¥71.8 billion ($598 million).