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Sony made the announcement that CEO Howard Stringer would be doing double duty for the company and become the president of Sony, taking current president Ryoji Chubachi’s place.

Chubachi will become vice chairman.

Shares of Sony rose 1.3%. Nikko Citigroup even raised Sony’s rating from “buy/high risk” to “hold/high risk” and raised its target price from 2100 yen to 2200 yen.

Not everyone expects the shake up in management to lead to an amazing recovery for Sony, though. Even if a restructuring of the company happens quickly and soon, Sony has a long way to go before it will start bringing in the profits it used to.

Jeremy

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