Annual Report 2000  (Year Ended March 31, 2000) Founder and Honorary Chairman Akio Morita passed away on October 3, 1999. Since starting Sony in 1946 with Masaru Ibuka, who died on December 19, 1997 with the title of Founder and Chief Advisor, Mr. Morita remained a leader in all areas of management, including the creation of new products, marketing, overseas operations, and personnel development. A BOUNDLESS SOURCE OF INNOVATIVE IDEAS In 1958, Mr. Morita changed the company's name to "Sony Corporation" from "Tokyo Telecommunications Engineering Corporation". In the belief that a company's brand is its lifeblood, he worked to gain recognition for Sony around the world, an effort that led to the power of the SONY brand today.       His global perspective was also behind Sony's 1961 issuance of American Depositary Receipts, a first among Japanese companies, and the subsequent listing of Sony shares on the New York Stock Exchange in 1970.       In 1966, Mr. Morita wrote a book called Never Mind School Records that stressed that companies should place emphasis on the capabilities of individuals rather than academic background. This point of view raised questions regarding Japan's employment customs and sparked a heated debate in Japan.       New ideas springing from Mr. Morita's limitless curiosity led to many of Sony's best-known products. The Walkman was based on the unprecedented concept of enjoying your favorite music anywhere and anytime, even outdoors. This created an entirely new market category, compact headphone stereos designed exclusively for listening to music, that gave birth to new lifestyles.       Still pervading the Sony of today, more than 50 years after its founding, is the Ibuka-Morita belief that through distinctive R&D and products it is possible to offer customers new forms of enjoyment.       Mr. Morita wanted to globalize Sony's technology and management philosophy, making its day-to-day activities an integral part of local communities. This policy of "global localization" not only led to an extensive global expansion of Sony itself but also contributed greatly to raising the international stature of Japan's electronics industry. REPRESENTING JAPAN AROUND THE WORLD Mr. Morita's vitality and cheerful disposition allowed him to form a broad base of personal relationships in Japan and elsewhere. He constantly strove to build bridges between Japan and other nations, helping to build sound economic relationships and to make Japan a member of the global community. Mr. Morita clearly stated his opinions and beliefs by expressing himself frankly and in an easily understood manner and was one of only a few Japanese who could play an active role on the global stage. As such, Mr. Morita's statements always drew attention.       As a representative of Japan's business community, Mr. Morita served as a co-chair of various conferences, including the Japan-U.S. Business Council, The Trilateral Commission, and the World Economic Forum in Davos. He also helped ease trade friction with the U.S., assisting in improving Japan-U.S. relations by playing leading roles in the Keidanren (Japan Federation of Economic Organizations), the Japan-U.S. Economic Relations Group, also known as the "Wise Men's Group", and other organizations. Also, as author of Made in Japan and other books, he directed his energy to furthering mutual understanding between Japan and the rest of the world.       In 1998, Mr. Morita was chosen by the U.S. magazine Time as the only Asian member on its list of the 20 most influential business people of the 20th century.