Sony appointed a veteran executive as its president Thursday to lead the Japanese electronics and entertainment conglomerate through changing times, and reported a decline in its profit in the last quarter.

Hiroki Totoki, Sony’s chief financial officer, will become its president and COO, Sony Corp. said in a statement.

Kenichiro Yoshida remains chairman and chief executive, signaling continuity at the Tokyo-based maker of PlayStation game machines, Bravia TVs and Spider-Man movies.

Yoshida proposed the executive change last year to strengthen Sony’s management across its diverse operations. It won unanimous board approval Thursday.