It's official, Sony will undergo a bit of a restructuring of power now that it has been confirmed that a major executive will be stepping down form his position. Phil Molyneux, the president and COO of Sony Electronics has announced that he will be leaving his position. Word of the impending executive shuffle was originally released by Sony CEO Kaz Hirai. Molyneux will move into an advisory role as a non-executive chairman once he leaves his current job as president, so his presence at Sony will not go away entirely.

Molyneux has worked for Sony for 23 years and was appointed to his current role as president and COO back in 2010. Hirai thanked him for "his dedicated service and passionate commitment to the employees he led for the past three-plus years," in a statement.

According to reports from The Verge, Molyneux's role at the company will be passed along to Michael Fasulo, who currently holds the executive vice president role. His job will go to manager of marketing Toshifumi Okuda. The changes in the company are expected to take place at the very beginning of the year on Jan. 1. Fasulo is another long-time Sony employee, having joined the company just three years before Molyneux in 1984. Unlike Molyneux, who studied as a mechanical engineer before joining the company, Fasulo began as a financial analyst. He will take on the role of overseeing Sony Electronics' television, camera and computer products.

The Verge reports that Molyneux headed the division as Hirai attempted to turn the larger corporation's finances around. He was tasked with streamlining the electronics product lines while the company's finances have improved since then, the electronics division continues to suffer from the tepid demand for its products.

So far Molyneux has given no real reason as to why he is choosing this time to step down as the president of the company's electronics division or why he's accepted a continued but limited role with the company.