CEO Kaz Hirai and dozens of other Sony executives have announced that they will be foregoing bonuses this year in an "unprecedented" step to deal with the slump that their company is facing. The bonuses which are being cut are estimated at several hundred million yen.
According to the leading Nikkei business daily, the amount could have totaled 1bn yen ($10m).
A spokesperson for Sony told the AFP the executives will be foregoing their bonuses "due to severe business circumstances, including stagnant performance in the electronics sector."
Last year, seven top Sony executives gave up their bonuses “but the number this time is unprecedented,” she added.
Despite the executive decision to forego bonuses, the company is expected to report a net income of 40bn yen ($403m) compared to its previous forecast of 20bn yen when its full-year results are announced next week. Not bad, for a company supposedly in dire straits.
Likewise, the company's upcoming PlayStation 4 and the further development of the PS Vita are said to be unaffected by the decision.
