Business

Sony seeks ‘at least one new director’

Sony, under pressure to cut costs and shake up its moribund business, is looking for new blood for its board, The Post has learned.

The Japanese media and electronics giant is seeking to add at least one new director and has approached several US-based media executives, according to sources familiar with the search.

The company has been under attack from activist investor Dan Loeb since May, when his Third Point hedge fund proposed that Sony spin off its entertainment arm. Loeb has been seeking a seat, although it’s unclear if Sony is open to the idea.

While Sony rejected Loeb’s proposal in August, CEO Kazuo Hirai has vowed to be more transparent about the company’s entertainment business, which includes Sony Pictures and Sony Music Entertainment.

Late last month, Sony held its first entertainment-focused investor day and hired Bain & Co. to identify $100 million in cost cuts.

Even before Loeb came along, Sony had been criticized for its bureaucratic, business-as-usual culture. The company is trying to prove it can remain relevant amid crushing competition for TV sets and mobile phones.

In June, Sony shareholders voted in three new board members after four directors stepped down, including CEO Howard Stringer, who was the first non-Japanese executive to lead the company.

Tim Schaaff, a former president of Sony Network Entertainment, was a relative insider when he joined the board. But the hope was that former McDonald’s Japan CEO, Eikoh Harada, and Joichi Ito, who heads MIT’s Media Lab, would bring some fresh perspective.

Sony currently has 13 board members, one less than before the board shakeup in June.

A Sony spokesman declined to comment.