Report: Kaz Hirai, Sony execs may accept 50 percent pay cut, forgo bonuses

Ahead of Sony's upcoming full consolidated results for the fiscal year ending March 31, 2014, The Wall Street Journal reports that Sony CEO and President Kazuo Hirai and other executives will not accept bonuses for the year, receiving a diminished 50 percent cut in annual pay.

Sony adjusted its financial forecast for the business year earlier this month for the third time in the fiscal year. The company cited its exit from the PC market and the diminishing consumer interest in physical media such as DVDs and Blu-rays.

Sony announced in February that it will sell its PC business and exit the PC market. It expects 30 billion yen in expenses for the fiscal year related to the strategy. The company is also projecting a 25 billion yen in impairment charges for overseas disc manufacturing, that has slowed due to the rising popularity of digital media and downloadable content.

Sony will share its full consolidated results for the fiscal year on May 14, where it expects to report a net loss of 130 billion yen ($1.27 billion), an adjustment from February's projection of a 110 billion yen ($1.07 billion) loss. The forecast for operating income is now 26 billion yen, a decrease of the previously expected 80 billion yen.

More from Polygon

The Sims 4 Gameplay Video

  • The horror of Five Nights at Freddy's

  • Dark Souls 2: Crown of the Old Iron King Overview

  • Spacecom: a fast 4X built for multiplayer

  • Pillars of Eternity builds on role-playing classics

Latest Discussions

X
Log In Sign Up

forgot?
Log In Sign Up

Please choose a new Polygon username and password

As part of the new Polygon launch, prior users will need to choose a permanent username, along with a new password.

Your username will be used to login to Polygon going forward.

I already have a Vox Media account!

Verify Vox Media account

Please login to your Vox Media account. This account will be linked to your previously existing Eater account.

Please choose a new Polygon username and password

As part of the new Polygon launch, prior MT authors will need to choose a new username and password.

Your username will be used to login to Polygon going forward.

Forgot password?

We'll email you a reset link.

If you signed up using a 3rd party account like Facebook or Twitter, please login with it instead.

Forgot password?

Try another email?

Almost done,

By becoming a registered user, you are also agreeing to our Terms and confirming that you have read our Privacy Policy.
Spinner.vc97ec6e

Authenticating

Great!

Choose an available username to complete sign up.

In order to provide our users with a better overall experience, we ask for more information from Facebook when using it to login so that we can learn more about our audience and provide you with the best possible experience. We do not store specific user data and the sharing of it is not required to login with Facebook.

tracking_pixel_5353_tracker