clock menu more-arrow no yes mobile

Filed under:

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.

Sign up for the newsletter Sign up for Patch Notes

A weekly roundup of the best things from Polygon