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Report: Sony searching for 'at least one' new board director

Sony is searching for "at least one" new director for its board as it seeks to cut costs and rejuvenate its business, reports The New York Post.

The Post's sources state Sony has already approached several of its media executives based in the United States for the position. Currently, the Japanese electronics and media company hosts a board of 13 members.

In May, Dan Loeb of hedge fund company Third Point and one of Sony's largest investors proposed Sony break off and sell its entertainment division, which includes Sony Pictures and Sony Music Entertainment. Sony CEO Kazuo Hirai formally rejected the proposal in August, and at the time stated the company would be more transparent regarding its entertainment sector. Late last month, Sony hired global management consulting firm Bain and Co. to help identify $100 million in possible cost cuts.

According to the Post, Loeb has been seeking a seat on Sony's board, but it is unknown if Sony is open to offering Loeb a position.

Sony's most recent financial report for its gaming division showed a decrease in sales for PlayStation 2 and the PlayStation Portable handheld, and an increase in PlayStation 3 sales. The company also reported an operating loss of 800 million yen ($8 million) for the quarter ending on Sept. 31, 2013, and attributed the loss to the price reduction of the PlayStation Vita and poor exchange rates. The financial report was filed prior to the launch of the PlayStation 4 in a number of regions worldwide last month.

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