The PlayStation boss will replace Howard Stringer at a crucial time for the consumer electronics giant.

Sony has confirmed that PlayStation boss Kazuo Hirai will be the company's next chief executive. He will take over from current CEO Howard Stringer in April, with Stringer assuming the role as chairman of the board of directors.

The move comes after weeks of speculation – and following a challenging business period for the consumer electronics veteran. The company is facing its fourth consecutive annual loss, and stock value has dropped by more than 50% since Stringer became the company's first non-Japanese CEO in 2005.