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Sony Electronics’ president and chief operating officer relinquished his role as president on Monday, AllThingsD said. Sony’s current vice president and U.S. sales chief Michael Fasulo will take over the role as president on January 1 and Molyneaux will stay with the firm, though in a non-executive chairman capacity.

“All of us at Sony are grateful for his dedicated service and passionate commitment to the employees he led for the past three-plus years.” Sony’s CEO Kazuo Hirai told AllThingsD, noting that Molyneaux took over the role as president in 2010 with an effort to cut Sony’s costs while improving operations.

Fasulo said he’s “humbled” by Sony’s confidence in him and that’ he’s “excited to be leading the folks [he's] worked with at Sony Electronics for many years.” Fasulo will work with Toshifumi Okuda, the new deputy president, who said that he’s excited to work with Fasulo in an effort to “regain the leadership position” in the United States.

Source AllThingsD