In the wake of a ¥856 billion (approx. $10.75 billion) loss over the past four years, Sony Corp. is instituting pay cuts across many of its high ranking executive class, including CEO Kazuo Hirai. No exact reduction figures were announced. In a statement made to shareholders earlier today, Sony confirmed ¥799 million (approx. $10 million) was paid out to 21 executives and directors during the past fiscal year, which ended in March. Seven executives have completely returned their bonuses for that period since.
With a record ¥457 billion (approx. $5.7 billion) in losses last year, Sony will be seeking shareholder approval for a new 114-person board – on which Sony aims to place Hirai – at a meeting on June 27th. In the meantime, 10,000 jobs will be cut as part of a corporate-wide turnaround campaign, which Sony predicts will result in ¥30 billion (approx. $377 million) in profits for this fiscal year.