Ken Kutaragi removed from president position
In a recent review of Sony's management of their vulnerable Playstation line, President and proclaimed "father of Playstation", Ken Kutaragi has been removed of his President status. In a recent move, he will now no longer be involved in day-to-day decisions of the Playstation line. Head of the US department in Playstation, Kazuo Hirai will now take over his position.
That's not to say that Kutaragi isn't going to have an integral part in Sony, only not directly involved in what they do with their Playstation line in the future. He's been reappointed to Chairman (as opposed to President and COO). In Japan, the title of Chairman does not hold the same respect as Cheif Operations Officer. Part of this could be blamed for delays in their new PS3 console and less than stellar sales of their PSP. With an anemic launch in both Japan and the US, coupled with a delayed European launch until March, Sony was none too happy about Kutaragi's handling of their flagship console.
Source:
Reuters

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