Chief executive officer
The chief executive officer or just chief executive, is the most senior corporate, executive, or administrative officer in charge of managing an organization – an independent legal entity such as a company or nonprofit institution. CEOs lead a range of organizations, including public and private corporations, non-profit organizations and some government organizations; the CEO of a corporation or company reports to the board of directors and is charged with maximizing the value of the entity, which may include maximizing the share price, market share, revenues or another element. In the non-profit and government sector, CEOs aim at achieving outcomes related to the organization's mission, such as reducing poverty, increasing literacy, etc. In the early 21st century, top executives had technical degrees in science, engineering or law; the responsibility of an organization's CEO are set by the organization's board of directors or other authority, depending on the organization's legal structure.
They can be far-reaching or quite limited and are enshrined in a formal delegation of authority. Responsibilities include being a decision maker on strategy and other key policy issues, leader and executor; the communicator role can involve speaking to the press and the rest of the outside world, as well as to the organization's management and employees. As a leader of the company, the CEO or MD advises the board of directors, motivates employees, drives change within the organization; as a manager, the CEO/MD presides over the organization's day-to-day operations. The term refers to the person who makes all the key decisions regarding the company, which includes all sectors and fields of the business, including operations, business development, human resources, etc; the CEO of a company is not the owner of the company. In some countries, there is a dual board system with two separate boards, one executive board for the day-to-day business and one supervisory board for control purposes. In these countries, the CEO presides over the executive board and the chairman presides over the supervisory board, these two roles will always be held by different people.
This ensures a distinction between management by the executive board and governance by the supervisory board. This allows for clear lines of authority; the aim is to prevent a conflict of interest and too much power being concentrated in the hands of one person. In the United States, the board of directors is equivalent to the supervisory board, while the executive board may be known as the executive committee. In the United States, in business, the executive officers are the top officers of a corporation, the chief executive officer being the best-known type; the definition varies. In the case of a sole proprietorship, an executive officer is the sole proprietor. In the case of a partnership, an executive officer is a managing partner, senior partner, or administrative partner. In the case of a limited liability company, executive officer is any manager, or officer. A CEO has several subordinate executives, each of whom has specific functional responsibilities referred to as senior executives, executive officers or corporate officers.
Subordinate executives are given different titles in different organizations, but one common category of subordinate executive, if the CEO is the president, is the vice-president. An organization may have more than one vice-president, each tasked with a different area of responsibility; some organizations have subordinate executive officers who have the word chief in their job title, such as chief operating officer, chief financial officer and chief technology officer. The public relations-focused position of chief reputation officer is sometimes included as one such subordinate executive officer, but, as suggested by Anthony Johndrow, CEO of Reputation Economy Advisors, it can be seen as "simply another way to add emphasis to the role of a modern-day CEO – where they are both the external face of, the driving force behind, an organisation culture". In the US, the term chief executive officer is used in business, whereas the term executive director is used in the not-for-profit sector; these terms are mutually exclusive and refer to distinct legal duties and responsibilities.
Implicit in the use of these titles, is that the public not be misled and the general standard regarding their use be applied. In the UK, chief executive and chief executive officer are used in both business and the charitable sector; as of 2013, the use of the term director for senior charity staff is deprecated to avoid confusion with the legal duties and responsibilities associated with being a charity director or trustee, which are non-executive roles. In the United Kingdom, the term director is used instead of chief officer". Business publicists since the days of Edward Bernays and his client John D. Rockefeller and more the corporate publicists for Henry Ford, promoted the concept of the "celebrity CEO". Business journalists have adopted this approach, which assumes that the corporate achievements in the arena of manufacturing, wer
Virgin Megastores is an international entertainment retailing chain, founded in early 1976 by Richard Branson as a record shop on London's Oxford Street. In 1979 the company opened their first Megastore at the end of Oxford Street and Tottenham Court Road; the company expanded to hundreds of stores worldwide in the 1990s, but has lost a large number of stores in recent years with the sale and eventual closing of the UK, US, Canadian, Italian, French and Japanese stores. By 2015, current operations are in the Middle East and in North Africa, consisting of 40 stores. Richard Branson and Nik Powell had run a small record shop called Virgin Records and Tapes on Notting Hill Gate, specialising in "krautrock" imports, offering bean bags and free vegetarian food for the benefit of customers listening to the music on offer. After making the shop into a success, they turned their business into a fledged record label, Virgin Records; the name Virgin, according to Branson, arose from a colleague of his when they were brainstorming business ideas.
She suggested Virgin – as they were all new to business – like "virgins". The first release on the label was the progressive rock album Tubular Bells by multi-instrumentalist Mike Oldfield in 1973. Virgin's first formal store opened on London's Oxford Street in January or February 1971. In 1979 the company opened their first Megastore at the end of Marble Arch. Virgin Megastores and Virgin Records operate as separate entities, like many of the other Virgin companies. Throughout the 1980s and 1990s Virgin Megastores opened over 100 stores in the UK, many others around the world, including expansion into Asia Pacific and North America, under the leadership of Ian Duffell - President & CEO of Virgin Entertainment Group until 1998. Simon Wright - Chief Executive of the Virgin Entertainment Group from 1999 to 2009 was instrumental in the growth of the stores in particular developing the stores in the Middle East before their eventual disposals under license detailed under Ownership. Like many of Branson's Virgin brands, Virgin Megastores is not wholly owned by the Virgin Group.
During the early to mid-2000s Virgin Group decided to sell off most of its Virgin Megastores to various companies, including the Lagardere Group. By 2001 the Virgin Megastores worldwide were split between the Lagardère Group; the Virgin Group kept the United Kingdom, United States and Japan outlets while the Lagardère Group obtained the shops in France and travel retail locations globally including Australia, United Arab Emirates, Greece, Egypt and Jordan. Virgin Megastores in the Middle East trades as V Star Multimedia LLC. Culture Convenience Club owns what was Virgin Megastores Japan, which have since been rebranded as Tsutaya; the Australian Virgin Megastores and Virgin at Myer concept stores were operated by Brazin Limited. Until all were closed in 2010. In December 2007 Butler Capital Partners announced their intention to mount a majority takeover of the French arm of Virgin from Lagardère; this deal was finalised in February 2008. In 2007 the real estate company Related Companies and Vornado Realty Trust acquired Virgin Megastores North America.
Related and Vornado happened to be the landlords for the two most profitable stores in the United States and those stores were profitable because they had long term leases in which rents were locked in at an low rate. Both real estate companies wanted to break the leases and replace Virgin with new tenants that were willing to pay the current inflated rental rates that would make an entertainment retail business unprofitable, they have since made the decision to close all of the American stores. Virgin shops have a wide selection of CDs, books, DVDs, vinyl records, portable media players and additional products such as calendars, board games and Virgin branded items. Larger stores stock electronic equipment and computer peripherals. Note that not all of these product categories are stocked by all Virgin shops, though the larger stores do stock the full product range. In 2003, all US Stores increased their focus on multiple fashion categories spanning Pop culture, Urban, Movie & TV to complement the music, DVD and video games offers.
Virgin Mobile products can be found in separately run Virgin Mobile Concessions within most Virgin Megastores. Some shops house cafes or coffee shops run by external companies. In 2005, Virgin Digital was launched to cater for those that bought their music digitally or wanted to rip and burn their current music collection; this is designed to add to the services provided by Virgin, rather than replace the Megastores. The download service faced some criticism from consumer groups due to its incompatibility with the popular iPod music player; the service has since been discontinued. Around the world there were other Virgin branded digital music retail websites, such as VirginMega.fr, France's number 2 music download website. In 2003, the first and only Virgin Megastore in Vienna, Mariahilferstraße, was closed. There were 35 Virgin Megastores in France. 12 additional stores in France were branded Furet du Nord, about 10 international stores were owned by the same company. The French Megastore business was launched in 1988 by Branson and Patrick Zelnick, CEO of music publisher Naïve.
Lagardère Group bought the chain in 2001. In December 2007 Butler Capital Partners announced their intention to mount a majority takeover of the French arm of Virgin from La
Walkman is a series of portable media players and some Xperia mobile phones manufactured by Sony. The original Walkman, released in 1979, was a portable cassette player that changed listening habits by allowing people to listen to music on the move, it was devised by Sony cofounder Masaru Ibuka, who felt Sony's existing portable player was too unwieldy and expensive. A prototype was built from a modified Sony Pressman, a compact tape recorder designed for journalists; the Walkman was followed by a series of international releases. "Walkman" caught on globally and Sony used the name worldwide. Sony continues to use the "Walkman" brand for most of its portable audio devices. Magnetic cassette technology was developed in 1963 by the Dutch electronics firm Philips. In the late 1960s, the introduction of prerecorded cassette tapes made it possible to listen to tapes of music on car stereos, though vinyl remained the most popular format for home listening. Sony co-founder Masaru Ibuka used Sony's bulky TC-D5 cassette recorder to listen to music while traveling for business.
He asked executive deputy president Norio Ohga to design a playback-only stereo version optimized for headphone use. The first prototype was built from a mono cassette recorder; the metal-cased blue-and-silver Walkman TPS-L2, the world's first low-cost portable stereo, went on sale in Japan on July 1, 1979, was sold for around ¥39,433.58, or ¥57,109.02 adjusted for inflation. Though Sony predicted it would sell about 5,000 units a month, it sold more than 50,000 in the first two months. Sony introduced the Walkman in the US as the UK as the Stowaway; the TPS-L2 was introduced in the U. S. in June 1980. In October 2010, it was reported that manufacturing of the cassette-based Walkman would cease in Japan, but that Sony would continue production of the device in China to accommodate users abroad, including in the United States and some Asian countries. Once the final units are sold, they will not be available from the manufacturer. With the increase popularity of the MP3 players, it was the CD player that caused the decline of the Walkman.
Sony still continues to make cassette-based Walkman devices in China for the US and other overseas markets. The original idea for a portable stereo is credited to Brazilian-German inventor Andreas Pavel, who patented the Stereobelt in 1977. Though Sony agreed to pay Pavel royalties, it refused to recognize him as the inventor of the personal stereo until a legal settlement in 2003; the marketing of the Walkman introduced the idea of'Japanese-ness' into global culture, synonymous with miniaturization and high-technology. The "Walk-men" and "Walk-women" in advertisements were created to be the ideal reflections of the subject watching. A major component of the Walkman advertising campaign was personalization of the device. Prior to the Walkman, the common device for portable music was the portable radio, which could only offer listeners standard music broadcasts. Having the ability to customize a playlist was a new and exciting revolution in music technology. Potential buyers had the opportunity to choose their perfect match in terms of mobile listening technology.
The ability to play your own music and listen was a huge selling point of the Walkman amongst teens, who contributed to its success. Despite "all this technological diversity, there must be one, the perfect choice for you"; this method of marketing to an expansive user-base while maintaining the idea that the product was made for each individual " the best of all possible worlds—mass marketing and personal differentiation". According to Time, the Walkman's "unprecedented combination of portability and privacy made it the ideal product for thousands of consumers looking for a compact portable stereo that they could take with them anywhere"; the Walkman had a major influence on 1980s culture. Other firms, including Aiwa and Toshiba, produced similar products, in 1983 cassettes outsold vinyl for the first time. In 1986, the word "Walkman" entered the Oxford English Dictionary. Millions used the Walkman during exercise; the Walkman had Sony's Discman. In turn, the Walkman and Discman are ancestors of digital audio players such as Apple's iPod.
Sony Watchman Walkman effect XpressMusic Official Sony website
HMV is a UK based music and film retailer. The first HMV-branded store was opened by the Gramophone Company on Oxford Street in 1921, the HMV name was used for television and radio sets manufactured from the 1930s onwards; the retail side of the business began to expand in the 1960s, in 1998 was divested from EMI, the successor to the Gramophone Company, to form what would become HMV Group. HMV stands for His Master's Voice, the title of a painting by Francis Barraud of the dog Nipper listening to a cylinder phonograph, bought by the Gramophone Company in 1899. For advertising purposes this was changed to a wind-up gramophone, used as a silhouette. HMV owned the Waterstone's bookshop chain from 1998 until 2011, has owned the music retailer Fopp since August 2007, it purchased a number of former Zavvi stores in February 2009, branched into live music venue management that year by purchasing MAMA Group. It sold the group in December 2012. On 15 January 2013, HMV Group plc entered administration.
Deloitte were appointed to deal with the administration of the company. On 16 January 2013, HMV Ireland declared receivership, all Irish stores were closed. A week on 22 January 2013, it was reported that Hilco UK would buy the debt of HMV, a step towards taking control of the company; the sale of HMV's Hong Kong and Singapore business to private equity firm Aid Partners was completed on 28 February 2013. On 5 April 2013, HMV was bought out of administration by Hilco UK for an estimated £50 million to form the current company. HMV Group plc, listed on the London Stock Exchange and was a constituent of the FTSE Fledgling Index, was liquidated in July 2014. HMV Canada is a former subsidiary, sold to Hilco by the HMV Group in 2011. HMV Canada went into receivership in 2017 after being sued by Huk 10 Ltd. a shell company owned by Hilco. Sunrise Records announced that it had negotiated to purchase the leases for 70 of HMV's locations from landlords to convert them to Sunrise stores as well as plans to retain as many former HMV staff as possible.
After announcing its intent to enter administration again in December 2018, the company was bought from Hilco by Sunrise Records on 5 February 2019. The antecedents of HMV began in the 1890s at the dawn of the disc gramophone. By 1902 it had become the beginnings of the Gramophone Company. In February 1907 they commenced the building of a new dedicated record factory at Middlesex. Disc records were sold in independent retailers at this time. In 1921 the Gramophone Company opened the first dedicated HMV shop in Oxford Street, London, in a former men's clothing shop. In March 1931 the Gramophone Company merged with Columbia Graphophone Company to form Electric and Musical Industries Ltd. From the 1930s onwards, HMV manufactured radio and television sets and radiograms under the HMV and Marconiphone brand names in their factory in Hayes, Middlesex. In 1966 HMV began expanding its retail operations in London. Throughout the 1970s, the company continued to expand, doubling in size, in six years became the country's leading specialist music retailers.
It faced new competition, from Virgin Megastores, established in 1976, Our Price, established in 1972. Subsequently, HMV overtook Our Price in popularity and threatened their existence, having established a chain of newer, larger stores; the company opened its flagship store at a new location on Oxford Street in 1986, announcing it was the largest record store in the world at the time, the official opening was attended by Bob Geldof and Michael Hutchence. Growth continued for a third decade into the 1990s, with the company reaching over 320 stores including in 1990 their first store in the U. S. located at 86th and Lexington in New York City, the largest music retailer in North America. HMV celebrated its 75-year anniversary in 1996. In February 1998, EMI entered into a joint venture with Advent International to form HMV Media Group led by Alan Giles, which acquired HMV's stores and Dillons, leaving EMI with a holding of around 45%; the new joint venture bought the Waterstone's chain of bookshops to merge with Dillons.
By 2002, EMI's holding in HMV Media was 43%, with Advent International owning 40% and management the remainder. The company floated on the London Stock Exchange in the year as HMV Group plc, leaving EMI with only a token holding; the group became susceptible to a takeover following a poor period of trading up to Christmas 2005. Private equity firm Permira made a £762 million conditional bid for the group on 7 February 2006, rejected by HMV as an insufficient valuation of the company. Permira made a second offer which increased the value, although HMV declined it on 13 March 2006, subsequently issuing a statement that the offer undervalued the medium and long term prospects for the company, resulting in Permira withdrawing from bidding. In 2006 the HMV Group merged it into Waterstone's; the merger tied into HMV's strategy for growth, as many of the Ottakar's branches were in smaller towns and outposts. The Competition Commission provisionally cleared HMV Group, through Waterstone's, for takeover of the Ottakar's group on 30 March 2006, stating that the takeover would "not result in a substantial lessening of competition".
Waterstone's announced that it had negotiated a takeover of Ottakar's on 31 May 2006. All 130 Ottakar's stores were rebranded as Waterstone's prior to Christmas 2006. In March 2007, new Group CEO Simon Fox announced a 10% reduction over three years in the enlarged Waterstone's total store space, compr
Compact disc is a digital optical disc data storage format, co-developed by Philips and Sony and released in 1982. The format was developed to store and play only sound recordings but was adapted for storage of data. Several other formats were further derived from these, including write-once audio and data storage, rewritable media, Video Compact Disc, Super Video Compact Disc, Photo CD, PictureCD, CD-i, Enhanced Music CD; the first commercially available audio CD player, the Sony CDP-101, was released October 1982 in Japan. Standard CDs have a diameter of 120 millimetres and can hold up to about 80 minutes of uncompressed audio or about 700 MiB of data; the Mini CD has various diameters ranging from 60 to 80 millimetres. At the time of the technology's introduction in 1982, a CD could store much more data than a personal computer hard drive, which would hold 10 MB. By 2010, hard drives offered as much storage space as a thousand CDs, while their prices had plummeted to commodity level. In 2004, worldwide sales of audio CDs, CD-ROMs and CD-Rs reached about 30 billion discs.
By 2007, 200 billion CDs had been sold worldwide. From the early 2000s CDs were being replaced by other forms of digital storage and distribution, with the result that by 2010 the number of audio CDs being sold in the U. S. had dropped about 50% from their peak. In 2014, revenues from digital music services matched those from physical format sales for the first time. American inventor James T. Russell has been credited with inventing the first system to record digital information on an optical transparent foil, lit from behind by a high-power halogen lamp. Russell's patent application was filed in 1966, he was granted a patent in 1970. Following litigation and Philips licensed Russell's patents in the 1980s; the compact disc is an evolution of LaserDisc technology, where a focused laser beam is used that enables the high information density required for high-quality digital audio signals. Prototypes were developed by Sony independently in the late 1970s. Although dismissed by Philips Research management as a trivial pursuit, the CD became the primary focus for Philips as the LaserDisc format struggled.
In 1979, Sony and Philips set up a joint task force of engineers to design a new digital audio disc. After a year of experimentation and discussion, the Red Book CD-DA standard was published in 1980. After their commercial release in 1982, compact discs and their players were popular. Despite costing up to $1,000, over 400,000 CD players were sold in the United States between 1983 and 1984. By 1988, CD sales in the United States surpassed those of vinyl LPs, by 1992 CD sales surpassed those of prerecorded music cassette tapes; the success of the compact disc has been credited to the cooperation between Philips and Sony, which together agreed upon and developed compatible hardware. The unified design of the compact disc allowed consumers to purchase any disc or player from any company, allowed the CD to dominate the at-home music market unchallenged. In 1974, Lou Ottens, director of the audio division of Philips, started a small group with the aim to develop an analog optical audio disc with a diameter of 20 cm and a sound quality superior to that of the vinyl record.
However, due to the unsatisfactory performance of the analog format, two Philips research engineers recommended a digital format in March 1974. In 1977, Philips established a laboratory with the mission of creating a digital audio disc; the diameter of Philips's prototype compact disc was set at 11.5 cm, the diagonal of an audio cassette. Heitaro Nakajima, who developed an early digital audio recorder within Japan's national public broadcasting organization NHK in 1970, became general manager of Sony's audio department in 1971, his team developed a digital PCM adaptor audio tape recorder using a Betamax video recorder in 1973. After this, in 1974 the leap to storing digital audio on an optical disc was made. Sony first publicly demonstrated an optical digital audio disc in September 1976. A year in September 1977, Sony showed the press a 30 cm disc that could play 60 minutes of digital audio using MFM modulation. In September 1978, the company demonstrated an optical digital audio disc with a 150-minute playing time, 44,056 Hz sampling rate, 16-bit linear resolution, cross-interleaved error correction code—specifications similar to those settled upon for the standard compact disc format in 1980.
Technical details of Sony's digital audio disc were presented during the 62nd AES Convention, held on 13–16 March 1979, in Brussels. Sony's AES technical paper was published on 1 March 1979. A week on 8 March, Philips publicly demonstrated a prototype of an optical digital audio disc at a press conference called "Philips Introduce Compact Disc" in Eindhoven, Netherlands. Sony executive Norio Ohga CEO and chairman of Sony, Heitaro Nakajima were convinced of the format's commercial potential and pushed further development despite widespread skepticism; as a result, in 1979, Sony and Philips set up a joint task force of engineers to design a new digital audio disc. Led by engineers Kees Schouhamer Immink and Toshitada Doi, the research pushed forward laser and optical disc technology. After a year of experimentation and discussion, the task force produced the Red Book CD-DA standard. First published in 1980, the stand
The United States of America known as the United States or America, is a country composed of 50 states, a federal district, five major self-governing territories, various possessions. At 3.8 million square miles, the United States is the world's third or fourth largest country by total area and is smaller than the entire continent of Europe's 3.9 million square miles. With a population of over 327 million people, the U. S. is the third most populous country. The capital is Washington, D. C. and the largest city by population is New York City. Forty-eight states and the capital's federal district are contiguous in North America between Canada and Mexico; the State of Alaska is in the northwest corner of North America, bordered by Canada to the east and across the Bering Strait from Russia to the west. The State of Hawaii is an archipelago in the mid-Pacific Ocean; the U. S. territories are scattered about the Pacific Ocean and the Caribbean Sea, stretching across nine official time zones. The diverse geography and wildlife of the United States make it one of the world's 17 megadiverse countries.
Paleo-Indians migrated from Siberia to the North American mainland at least 12,000 years ago. European colonization began in the 16th century; the United States emerged from the thirteen British colonies established along the East Coast. Numerous disputes between Great Britain and the colonies following the French and Indian War led to the American Revolution, which began in 1775, the subsequent Declaration of Independence in 1776; the war ended in 1783 with the United States becoming the first country to gain independence from a European power. The current constitution was adopted in 1788, with the first ten amendments, collectively named the Bill of Rights, being ratified in 1791 to guarantee many fundamental civil liberties; the United States embarked on a vigorous expansion across North America throughout the 19th century, acquiring new territories, displacing Native American tribes, admitting new states until it spanned the continent by 1848. During the second half of the 19th century, the Civil War led to the abolition of slavery.
By the end of the century, the United States had extended into the Pacific Ocean, its economy, driven in large part by the Industrial Revolution, began to soar. The Spanish–American War and World War I confirmed the country's status as a global military power; the United States emerged from World War II as a global superpower, the first country to develop nuclear weapons, the only country to use them in warfare, a permanent member of the United Nations Security Council. Sweeping civil rights legislation, notably the Civil Rights Act of 1964, the Voting Rights Act of 1965 and the Fair Housing Act of 1968, outlawed discrimination based on race or color. During the Cold War, the United States and the Soviet Union competed in the Space Race, culminating with the 1969 U. S. Moon landing; the end of the Cold War and the collapse of the Soviet Union in 1991 left the United States as the world's sole superpower. The United States is the world's oldest surviving federation, it is a representative democracy.
The United States is a founding member of the United Nations, World Bank, International Monetary Fund, Organization of American States, other international organizations. The United States is a developed country, with the world's largest economy by nominal GDP and second-largest economy by PPP, accounting for a quarter of global GDP; the U. S. economy is post-industrial, characterized by the dominance of services and knowledge-based activities, although the manufacturing sector remains the second-largest in the world. The United States is the world's largest importer and the second largest exporter of goods, by value. Although its population is only 4.3% of the world total, the U. S. holds 31% of the total wealth in the world, the largest share of global wealth concentrated in a single country. Despite wide income and wealth disparities, the United States continues to rank high in measures of socioeconomic performance, including average wage, human development, per capita GDP, worker productivity.
The United States is the foremost military power in the world, making up a third of global military spending, is a leading political and scientific force internationally. In 1507, the German cartographer Martin Waldseemüller produced a world map on which he named the lands of the Western Hemisphere America in honor of the Italian explorer and cartographer Amerigo Vespucci; the first documentary evidence of the phrase "United States of America" is from a letter dated January 2, 1776, written by Stephen Moylan, Esq. to George Washington's aide-de-camp and Muster-Master General of the Continental Army, Lt. Col. Joseph Reed. Moylan expressed his wish to go "with full and ample powers from the United States of America to Spain" to seek assistance in the revolutionary war effort; the first known publication of the phrase "United States of America" was in an anonymous essay in The Virginia Gazette newspaper in Williamsburg, Virginia, on April 6, 1776. The second draft of the Articles of Confederation, prepared by John Dickinson and completed by June 17, 1776, at the latest, declared "The name of this Confederation shall be the'United States of America'".
The final version of the Articles sent to the states for ratification in late 1777 contains the sentence "The Stile of this Confederacy shall be'The United States of America'". In June 1776, Thomas Jefferson wrote the phrase "UNITED STATES OF AMERICA" in all capitalized letters in the headline of his "original Rough draught" of the Declaration of Independence; this draft of the document did not surface unti
Sony Corporation is a Japanese multinational conglomerate corporation headquartered in Kōnan, Tokyo. Its diversified business includes consumer and professional electronics, gaming and financial services; the company owns the largest music entertainment business in the world, the largest video game console business and one of the largest video game publishing businesses, is one of the leading manufacturers of electronic products for the consumer and professional markets, a leading player in the film and television entertainment industry. Sony was ranked 97th on the 2018 Fortune Global 500 list. Sony Corporation is the electronics business unit and the parent company of the Sony Group, engaged in business through its four operating components: electronics, motion pictures and financial services; these make Sony one of the most comprehensive entertainment companies in the world. The group consists of Sony Corporation, Sony Pictures, Sony Mobile, Sony Interactive Entertainment, Sony Music, Sony/ATV Music Publishing, Sony Financial Holdings, others.
Sony is among the semiconductor sales leaders and since 2015, the fifth-largest television manufacturer in the world after Samsung Electronics, LG Electronics, TCL and Hisense. The company's current slogan is Be Moved, their former slogans were The One and Only, It's like.no.other and make.believe. Sony has a weak tie to the Sumitomo Mitsui Financial Group corporate group, the successor to the Mitsui group. Sony began in the wake of World War II. In 1946, Masaru Ibuka started an electronics shop in a department store building in Tokyo; the company started with a total of eight employees. In May 1946, Ibuka was joined by Akio Morita to establish a company called Tokyo Tsushin Kogyo; the company built Japan's first tape recorder, called the Type-G. In 1958, the company changed its name to "Sony"; when Tokyo Tsushin Kogyo was looking for a romanized name to use to market themselves, they considered using their initials, TTK. The primary reason they did not is that the railway company Tokyo Kyuko was known as TTK.
The company used the acronym "Totsuko" in Japan, but during his visit to the United States, Morita discovered that Americans had trouble pronouncing that name. Another early name, tried out for a while was "Tokyo Teletech" until Akio Morita discovered that there was an American company using Teletech as a brand name; the name "Sony" was chosen for the brand as a mix of two words: one was the Latin word "sonus", the root of sonic and sound, the other was "sonny", a common slang term used in 1950s America to call a young boy. In 1950s Japan, "sonny boys" was a loan word in Japanese, which connoted smart and presentable young men, which Sony founders Akio Morita and Masaru Ibuka considered themselves to be; the first Sony-branded product, the TR-55 transistor radio, appeared in 1955 but the company name did not change to Sony until January 1958. At the time of the change, it was unusual for a Japanese company to use Roman letters to spell its name instead of writing it in kanji; the move was not without opposition: TTK's principal bank at the time, had strong feelings about the name.
They pushed for a name such as Sony Teletech. Akio Morita was firm, however. Both Ibuka and Mitsui Bank's chairman gave their approval. According to Schiffer, Sony's TR-63 radio "cracked open the U. S. market and launched the new industry of consumer microelectronics." By the mid-1950s, American teens had begun buying portable transistor radios in huge numbers, helping to propel the fledgling industry from an estimated 100,000 units in 1955 to 5 million units by the end of 1968. Sony co-founder Akio Morita founded Sony Corporation of America in 1960. In the process, he was struck by the mobility of employees between American companies, unheard of in Japan at that time; when he returned to Japan, he encouraged experienced, middle-aged employees of other companies to reevaluate their careers and consider joining Sony. The company filled many positions in this manner, inspired other Japanese companies to do the same. Moreover, Sony played a major role in the development of Japan as a powerful exporter during the 1960s, 1970s and 1980s.
It helped to improve American perceptions of "made in Japan" products. Known for its production quality, Sony was able to charge above-market prices for its consumer electronics and resisted lowering prices. In 1971, Masaru Ibuka handed the position of president over to his co-founder Akio Morita. Sony began a life insurance company in one of its many peripheral businesses. Amid a global recession in the early 1980s, electronics sales dropped and the company was forced to cut prices. Sony's profits fell sharply. "It's over for Sony," one analyst concluded. "The company's best days are behind it." Around that time, Norio Ohga took up the role of president. He encouraged the development of the Compact Disc in the 1970s and 1980s, of the PlayStation in the early 1990s. Ohga went on to purchase CBS Records in 1988 and Columbia Pictures in 1989 expanding Sony's media presence. Ohga would succeed Morita as chief executive officer in 1989. Under the vision of co-founder Akio Morita and his successors, the company had aggressively expanded in