During a meeting with shareholders in Tokyo, Nintendo president Satoru Iwata took responsibility for 3DS sales, the price-cut , and also announced he is going to cut his own salary in half as part of a cut in fixed salaries.
Iwata told shareholders the 3DS price reduction will help with the end-of-year sales period at retail, as well as keep developers interested in the handheld after various game cancellations.
"For cuts in fixed salaries, I'm taking a fifty percent cut, other representative directors are taking a 30 percent cut, and other execs are taking a 20 percent cut," said Iwata.
Iwata's salary hits at around $2 million a year, while Shigeru Miyamoto's hits at $1.2 million. Bonuses will also be reduced.
After the price cut and less-than-stellar quarterly results were announced yesterday, stock in Nintendo fell 21 percent, which caused former Nintendo president Hiroshi Yamauchi to loose an estimated ¥42 billion ($540 million).
Iwata also admitted Nintendo missed a price cut opportunity with GameCube, and this influenced the firm's decision to cut the price of 3DS with the cash balance enabling the decision.
"We decided that if we take brave measures now, there's high likelihood that a many players can enjoy the Nintendo 3DS in the future."
The shareholders Q&A will be released at a later date, according to Nintendo.