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Sony executives give up bonuses for second year running following unprofitable year in electronics

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Sony executives will give up their bonuses for the second year running following an unprofitable year in its electronics business, Bloomberg reports.

Management will forgo bonuses worth 30 to 50 percent of their annual pay for the year ended in March; however, it is not known the exact amount being reduced.

According to a Sony spokesperson, roughly 40 executives will return bonuses scheduled to be paid out following a general shareholders meeting this June. The decision was proposed by Sony CEO Kaz Hirai and later backed by the Sony board.

Last week Sony revised its fiscal-year forecast, doubling its forecast for the fiscal year ending March 2013. According to the company, the revision is the result of the depreciation of yen and revenue obtained through asset sales. Sony has, however, stumbled from losses in the TV and mobile phone business.