Sony CEO Howard Stringer has announced that he will retire from the company in June.

Stringer made the announcement on Thursday March 7 at the Japan society in New York. He claims he will take his leave at the company's annual shareholder meeting.

Stringer took over as CEO in June 2005 and was a surprise choice at the time. Sony has had its share of struggles since then, struggling against competitors who offered gadgets with more features at lower prices. This, along with the success of products such as the iPod and iPad, forced Stringer into cutting costs.

"Stringer had a real tough job when he took over the company," says Tim Bajarin, principal analyst and technology consultant at Creative Strategies Inc. in San Jose, California. "They've made some significant strides since, but still have some siloed businesses that still don't work in harmony the way they need to."

Sony did play a crucial part, however, in the success of the blu-ray, which boosted the company's film and music business. President and Chief Executive of Sony Kazuo Hirai said in a statement that Stringer was crucial in this development.

"Howard's achievements as CEO of Sony are innumerable; from breaking down silos and driving 'Sony United,' to fundamentally realigning the focus of Sony's product development," Hirai said.

Sony says that a new CEO will be decided after the shareholder meeting in June. Stringer says he will continue as chairman of the American Film Institute and will most likely sit on boards in healthcare and education.

"A new world is opening up for me," Stringer said. "That will allow me to move forward with new opportunities I've been presented with lately."

Sony rose 0.9 percent to 1,464 yen in Tokyo on Thursday. The company's stock has increased by 53 percent this year.