Sony has made some major leadership changes, ditching the co-CEO strategy that saw Hermen Hulst and Hideaki Nishino heading up PlayStation together and switching to a more traditional hierarchy.
In a press release, Sony reveals that Nishino has been appointed the sole president and CEO of Sony Interactive Entertainment. Hulst will remain in his position as head of PlayStation Studios, but he'll be reporting to Nishino now.
Additionally, Sony president and COO Hiroki Totoki, who served as interim Interactive CEO after Jim Ryan retired last year, will now serve as Sony president and CEO, while SIE corporate strategy SVP Lin Tao will become the CFO of Sony as a whole. Her successor at SIE hasn't yet been appointed.

In essence, not much has actually changed in terms of Hulst and Nishino's roles; Sony says that Nishino will still serve as president of the "Platform Business Group", and that Hulst will remain head of "Studio Business Group".
In that role, Hulst will "continue to lead the development, publishing, and business operations of SIE's first-party content", and he'll also continue working with PlayStation Productions on bringing Sony IP to other media, like movies.
This change is more of a hierarchical one; rather than serving on the same level, Hulst will now report to Nishino.
It's not clear what's prompted this change, but we do know that it's coming after the failure of first-person shooter Concord, which is arguably one of the most disastrous flops in the company's gaming history.

Recently, Sony also canceled live-service projects in development at PlayStation subsidiaries Bend and Bluepoint, and an in-development MMO based on the Horizon IP was reportedly shut down recently as well.
Given the fact that Hulst is remaining in his position, it's not clear whether these developments are related to the leadership shakeup, but the fact Nishino alone will head up Sony Interactive Entertainment feels significant on that front.
Whether or not this has a material effect on PlayStation's strategy in the future remains to be seen. Stay tuned for more.