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SONY CORPORATION ANNUAL REPORT 2000
8
Founder and Honorary Chairman Akio Morita passed away on October 3, 1999. Since starting
Sony in 1946 with Masaru Ibuka, who died on December 19, 1997 with the title of Founder and
Chief Advisor, Mr. Morita remained a leader in all areas of management, including the creation
of new products, marketing, overseas operations, and personnel development.
A BOUNDLESS SOURCE OF INNOVATIVE IDEAS
In 1958, Mr. Morita changed the company’s name to “Sony Corporation” from “Tokyo Tele-
communications Engineering Corporation”. In the belief that a company’s brand is its lifeblood,
he worked to gain recognition for Sony around the world, an effort that led to the power of the
SONY brand today.
His global perspective was also behind Sony’s 1961 issuance of American Depositary
Receipts, a first among Japanese companies, and the subsequent listing of Sony shares on
the New York Stock Exchange in 1970.
In 1966, Mr. Morita wrote a book called Never Mind School Records that stressed that compa-
nies should place emphasis on the capabilities of individuals rather than academic background.
This point of view raised questions regarding Japan’s employment customs and sparked a heated
debate in Japan.
New ideas springing from Mr. Morita’s limitless curiosity led to many of Sony’s best-
known products. The Walkman was based on the unprecedented concept of enjoying your
favorite music anywhere and anytime, even outdoors. This created an entirely new market
category, compact headphone stereos designed exclusively for listening to music, that gave
birth to new lifestyles.
Still pervading the Sony of today, more than 50 years after its founding, is the Ibuka-
Morita belief that through distinctive R&D and products it is possible to offer customers
new forms of enjoyment.
Mr. Morita wanted to globalize Sony’s technology and management philosophy, making its
day-to-day activities an integral part of local communities. This policy of “global localization”
not only led to an extensive global expansion of Sony itself but also contributed greatly to
raising the international stature of Japan’s electronics industry.