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Sony executives to take pay cuts, forsake bonuses - report

Sony executives including Kazuo Hirai will accept pay cuts and forsake their bonuses this year as the PlayStation parent company turns in its fourth consecutive annual loss, according to a report from the financial world.

sony

The Wall Street Journal did not name its sources in claiming executives will experience pay cuts of up to 50% and be passed over for bonuses.

The report follows Sony's addition of an extra $200 million to its forecast losses, resulting in an expected annual loss of $1.2 billion - well down on the profits it had forecast previously.

Although from a gaming perspective Sony is doing pretty well, with the SCE division a highlight of its financial reports, its TV, camera and other consumer electronic businesses have floundered for several years now. In the last five years, it has turned in four annual losses.

Some of the trouble this year comes from relatively newly incumbent CEO Hirai's dramatic restructuring of the company, with the TV business spinning off into a separate unit and the Vaio line being sold off.

Sony's trouble are so widely known and acknowledged that one Square Enix producer felt comfortable saying the publisher is doing Sony a favour in buying its stock back. Its stock has been junked by investment firms.

Thanks, IGN.

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Brenna Hillier avatar

Brenna Hillier

Contributor

Based in Australia and having come from a lengthy career in the Aussie games media, Brenna worked as VG247's remote Deputy Editor for several years, covering news and events from the other side of the planet to the rest of the team. After leaving VG247, Brenna retired from games media and crossed over to development, working as a writer on several video games.

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