Sony was once a prominent brand in consumer electronics but has struggled financially in recent years due to a lack of innovation and leadership. Akio Morita co-founded Sony in 1946 with Masaru Ibuka after the two met while working in the Japanese navy during World War II. Morita helped grow Sony into a global consumer brand through successful products like the Walkman but the company has struggled since 2008 to release major hit products and turn a consistent profit.