At the same time, Kazuo Hirai plans to continue implementing the cost-cutting plan of the previous president, Howard Stringer, in order to save costs. Kazuo Hirai will take over Howard's position on April 1st. Last week, Sony forecasted an annual loss that could reach as high as $2.9 billion, marking a loss for the fourth consecutive year. Under immense pressure from investors and rating agencies, Kazuo Hirai pledged to cut costs and return the TV business to profitability within two years. He stated, "We have made tough decisions to implement cost-cutting measures in multiple regions where there are redundancies." It is reported that Kazuo Hirai will reduce expenses in sales areas such as Japan, Europe, and the U.S., while also lowering supply chain and operational costs at the Tokyo headquarters. On Wednesday, the rating agency Standard & Poor's downgraded Sony's long-term debt rating and warned that if Kazuo Hirai fails to halt the losses, it may further downgrade Sony's rating within a year.