Sony chairman Howard Stringer to retire in June

Former Sony president and CEO Howard Stringer will retire in June.

Bloomberg reports the company’s chairman made the announcement at the Japan Society in New York last week, and will step down during Sony’s annual shareholder meeting.

"A new world is opening up for me that will allow me to move forward with new opportunities I’ve been presented with lately," Stringer said, adding that he will continue to act as chairman of the American Film Institute and will likely sit on boards in the fields of healthcare and education.

Stringer was named CEO of Sony in 2005, and joined the board of directors in 2012 after being replaced by Kazuo Hirai. His successor is unknown at this point, but it will reportedly be decided after the aforementioned shareholder meeting.