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Sony execs surrender annual bonuses in financial letdown


8:00 AM on 05.02.2013
Sony execs surrender annual bonuses in financial letdown photo



Sony CEO Kaz Hirai is one of the roughly 40 executives giving up annual bonuses in the wake of the company's financial results. This will result in suits losing between 30 and 50% of the money they normally take home every year. 

Hirai proposed the bonus cull after Sony's electronic business was shown to be unprofitable for the second year running. Though the company enjoyed an actual net profit for the first time in five years, the flagging electronic business is a concern, and Hirai seems serious about rectifying it.

The company already jettisoned 10,000 jobs and moved away from making television sets, though that wasn't enough to rake in the green this year. 

The PlayStation 4, of course, is due to launch at the tail-end of this year, and so long as Sony doesn't find a way to screw it up, that may be a big help in reviving things. There are so, so many tempting ways to screw it up though. Can Sony resist its impulses? 

Sony Executives Give Up Bonuses After Loss at Electronics Unit [Bloomberg]






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