As the company faces its fourth straight year of losses, Japanese electronics giant Sony has announced that it has named former president of its Consumer Products & Services Group Kazuo Hirai as president and CEO, replacing Howard Stringer.

Stringer will step down from his position on April 1, Sony said in an emailed statement to Bloomberg. As part of the executive reshuffle, Stringer will main on the board as chairman, taking the post after the June shareholder meeting.

The company will issue more details on Thursday, clarifying its management changes.

Hirai was instrumental in Sony’s success with the PlayStation in the US, becoming President of Sony Computer Entertainment just two weeks after the PlayStation 3 launched.

Sony has been suffering losses in its entertainment business, including its televisions and handheld console devices. With the company recently buying out Sony Ericsson, it will be debuting new own-brand Android devices throughout the year to compete with Apple and Samsung in the smartphone market.