Yes, the Father Of The PlayStation is stepping down from his position as Sony Computer Entertainment chairman and CEO effective June 19. The decision was made so that he can, as Sony put it, "pass the torch on to the next generation," and so that he can "pursue his dreams beyond PlayStation and accelerate his network vision."

Kaz Hirai, who had recently been promoted to SCEI president and COO, will be taking the reins as president and CEO.

Kutaragi commented, "I am happy to graduate from Sony Computer Entertainment Inc. after introducing four platforms to the PlayStation family. It has been an exciting experience to change the world of computer entertainment by marrying cutting-edge technologies with creative minds from all over the world. I'm looking forward to building on this vision in my next endeavors."

He will still be acting as a senior technology advisor for the company as well as honorary chairman of SCEI.

Stringer described Kutaragi as "a rare combination of a powerful visionary and entrepreneur." He added, "Not only has he created a multibillion-dollar business for the Sony Group, he has brought the industry into a new dimension. Sony has benefited tremendously from his vision, his creative genius, and from the very strong team he assembled and nurtured. As Ken moves forward to pursue new opportunities, we will encourage and support him. My support also goes to Kazuo Hirai, who is a terrific executive with a proven track record with PlayStation business in the US. I am confident that he will inspire and lead SCEI to new heights."

Kutaragi started his career at Sony after graduation from the Tokyo University of Electro-Communications. During the course of his long career at the company, he invented and launched the original PlayStation in 1994 and the PlayStation 2 in 2000.

During a management shake-up in 2005, Kutaragi was demoted from the Board of Directors and replaced as head of the home electronics division. Last year, another Sony reshuffle promoted Kutaragi from SCEI president and group CEO into the position of chairman and group CEO.