Sony Exec to Join Mellon's Board

PITTSBURGH -- Mellon Bank Corp. said Masaki Morita, chairman and chief executive officer of Sony Corporation of America, has been elected to the banking company's 21-member board, effective July 16.

Mr. Morita, 63, is the younger brother of Akio Morita, chairman of the Japanese parent, Sony Corp. Masaki Morita has been deputy president of Sony Corp. since 1982.

Frank V. Cahouet, who is chairman, president, and chief executive of Mellon Bank Corp., said the company will benefit greatly from Mr. Morita's "global perspective and, given Sony's prominent role in the future economic growth of Pennsylvania, his appointment also adds to our board another key business leader in our region."

Sony of America's ties to Mellon and western Pennsylvania have been growing since a spring 1990 announcement that Sony would invest $400 million to buy and refurbish an abandoned Volkswagen plant in Westmoreland County. The plant will start to produce televisions and picture tubes late next year.

Mr. Morita will be one of 18 outside directors of Mellon, which has $28.7 billion in assets. He has been with Sony Corp. since 1951 and in his present U.S. position since July 1987. In January he was named to the additional post of executive vice chairman and chief operating officer, Sony USA Inc.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.