PlayStation's creator to retire

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The man behind the Sony PlayStation console is to retire, after the electronics giant sharply cut shipment targets for the PlayStation 3 (PS3). The "Father of the PlayStation", Ken Kutaragi, is stepping down as chief executive of Sony's computer entertainment division. Sony's PS3 faced a string of setbacks which caused delays to its launch. The system faces fierce competition from Nintendo's Wii and Microsoft's Xbox 360 consoles. Analysts said Mr Kutaragi's departure is an indication that Sony may not be satisfied with the initial success of the PS3.