Sony CEO to take up to a 50 percent pay cut

Sony copying Nintendo yet again.

Posted By | On 13th, May. 2014

sony

After having posted their fourth loss in five years, Sony’s CEO Kaz Hirai and other executives will all be taking a pay cut to ensure the company’s funds don’t get tight- the Wall Street Journal reports that they will all be foregoing their bonuses, which in some cases amounts to a pay cut of as much as 50%. This is a similar move to the one employed by Nintendo, when its President Satoru Iwata and other executives all also took pay cuts- once, after the 3DS’s initial failure, and once earlier this year, after the Wii U’s failure to catch on in the market.

That might sound like a lot, but it’s a pittance compared to the overall losses that Sony is currently taking. It might be easy to forget that, given the insane success the PS4 has enjoyed, but Sony as a whole is still a lumbering, sinking corporation, and this year, Sony is anticipated to have lost $1.27 billion. 

Apart from these measures, Kaz Hirai has also instituted other measures to make sure Sony returns to profitability soon. Earlier this year, Sony sold off its Vaio division that makes laptops and computer hardware, and also discussed trimming down and spinning off the loss making TV division.

Whether all of these result in a positive financial outlook for Sony in the coming year remains to be seen.


Amazing Articles You Might Want To Check Out!

Share Your Thoughts Below  (Always follow our comments policy!)



Keep On Reading!

Cyberpunk 2077 and Phantom Liberty Have Generated Roughly $750 Million in Revenue

Cyberpunk 2077 and Phantom Liberty Have Generated Roughly $750 Million in Revenue

In 2023, the action RPG and its expansion raked in roughly $206 million in revenue, CD Projekt has revealed.

The Witcher 4 Has Over 400 Developers Working on it, Still in Pre-Production

The Witcher 4 Has Over 400 Developers Working on it, Still in Pre-Production

Meanwhile, Cyberpunk 2 and Fool's Theory remake of the first Witcher are both in the concept stage of producti...

Predator: Hunting Grounds is Coming to PS5 and Xbox Series X/S in Late 2024

Predator: Hunting Grounds is Coming to PS5 and Xbox Series X/S in Late 2024

Developer IllFonic has taken over publishing for the title, with a new update next month and additional Predat...

Helldivers 2 Patch Fixes Freezes From Arc-Based Weapons and Stratagems

Helldivers 2 Patch Fixes Freezes From Arc-Based Weapons and Stratagems

The new patch ensures the Arc-12 Blitzer, Arc Thrower, and Tesla Tower will no longer cause players' games to ...

Like a Dragon, Judgment Developer is Seemingly Teasing an “Important Announcement” for Monday

Like a Dragon, Judgment Developer is Seemingly Teasing an “Important Announcement” for Monday

But Monday is April Fool's Day, so it could be a whole lot of nothing. Then again, it could be Judgment 3.

Princess Peach: Showtime! Beats Dragon’s Dogma 2 and Rise of the Ronin to Top Weekly Japanese Charts

Princess Peach: Showtime! Beats Dragon’s Dogma 2 and Rise of the Ronin to Top Weekly Japanese Charts

Princess Peach steals the spotlight from both massive, new open world action RPGs in the latest sales charts f...