Sony CEO Kaz Hirai and Other Executives Suffer Pay Cuts Due to Annual Loss
Sony CEO Kaz Hirai has just gotten the Iwata treatment.
According to CVG, CEO, Kaz Hirai, along with other executive board members of Sony will be taking cuts in their annual pay up to a ceiling of 50 percent. It is believed that they will also be not receiving their annual bonuses as well. Sony now reports that it is expected to suffer a net loss of $1.3 billion for the fiscal year ending in March, which is the company’s fourth annual loss in five years. In February, Sony projected its losses would only be $1.1 billion.
Sony attributes this $200+ million difference to the unforeseen expenses that came with pulling the company out of the PC market (known for its Vaio brand of PC hardware) and the rise of consumers digitally downloading their music, movie and video game software (legally, not pirated) in Western areas.
Sony has yet to comment on these salary deductions, but they are expected to be confirmed when the company announces its consolidated results for the fiscal year on May 14. Hirai is also going to be unveiling Sony’s long-term business plan on May 22, intending to grow the company’s prevalence in the gaming, imaging technology and mobile markets. As of the beginning of April, PlayStation 4 sales reached seven million units, leaving itself still far ahead of its competitors.