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Sony chairman Howard Stringer retiring in June

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Sony chairman Howard Stringer, formerly president and CEO, will retire in June, Bloomberg reports.

Stringer made the announcement during a speech at the Japan Society in New York on March 7 and will reportedly step down during the company's annual shareholder meeting. His successor will be decided following the meeting.

In 2005, Stringer was named CEO of Sony. He was replaced by Kazuo Hirai in 2012 and then joined the board of directors. Stringer said that following his retirement, he will continue to act as chairman of the American Film Institute and will likely sit on boards in the health-care and education fields.

"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.