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Sony executives to return bonuses

By Matthew Handrahan

Sony executives to return bonuses

Tue 13 May 2014 1:40pm GMT / 9:40am EDT / 6:40am PDT

CEO Kaz Hirai asks 40 execs to give up a combined $10 million ahead of full-year fiscal report

Sony Corp. CEO Kaz Hirai has asked the company's executives to return their annual bonuses.

According to a report from the Nikkei, 40 Sony executives will return amounts equivalent to as much as 35 per cent of their annual salaries - the total amount saved could run as high as 1 billion, or almost $10 million.

While Sony is certainly in the midst of pervasive cost-cutting, this is almost certainly a gesture of good faith as the company struggles to regain some stability in many of the markets on which its business is built. Indeed, this is the third consecutive year that Sony's executives have been asked to make the sacrifice.

Sony will report its fiscal year results (ended March 31 2014) tomorrow, and its expected losses will run to around $1.2 billion.

Check back for a full report on Sony's results tomorrow.

Thanks Reuters.

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Nate Ballantyne QA Manager, Aardman Animations

25 25 1.0
Decent enough idea due to the financial report, but not exactly very professional. I wonder how frustrated this will make the execs, as Matthew states in the article, this has been the third time now.

Posted:2 years ago


Roberto Bruno Curious Person

104 69 0.7
On the other hand, it's hard to justify salary bonuses for the management, when the management is arguably what dragged the company where it is now.

Posted:2 years ago


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