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More bad news for sony

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http://www.ign.com/articles/2014/05/13/sonys-ceo-executives-taking-50-pay-cut-losing-bonuses?abthid=5371f41461aefe811f00000c-----link. I'm shocked nobody posted this. Just read the article. It just basically saids that it's not looking good for sony and there upcoming losses is worst then expected. Sony's top brass is taking a %50 paycut and forgoing there bonuses. I prefer sony,but I'm not loyal 2 them. If they go bust,then I'd just switch to xbox are nintendo with no hesitation. thoughts??? 

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Ex-PlayStation chief and current CEO and President of Sony – Kaz Hirai – is preparing to take a 50 percent pay cut while declining his annual bonus, according to The Wall Street Journal. Other unnamed high-level Sony executives will follow suit in a sign of solidarity with their struggling company, which will post an annual loss for the fourth time in five years.

Such a move comes on the heels of bad financial news for the company. Less than two weeks ago, Sony revealed that it expected to post a $1.27 billion loss for the 2013 fiscal year. In February, it forecasted better numbers, predicting a $1.07 billion loss. Either way, such a loss is a far cry from the $489 million profit it expected to turn in 2013.

Sony is taking a financial beating largely due to its PC business, which it intends to spin-off and sell. According to WSJ, Sony is also struggling to gain a profitable foothold with other initiatives, including the niche 4K television market and the revival of its Walkman brand as a digital music player.

Sony’s PlayStation brand is considered one of the company’s primary focuses, and it’s performing well: PlayStation 4 is the best-selling next-gen console. But WSJ notes that, even with PS4’s historic sales and projections of selling 20 million PlayStation devices in the 2014 fiscal year, the PlayStation brand is trending behind where it was six years prior by 45 percent in terms of hardware units sold.

Hirai, who became CEO of Sony in 2012, was a major player in Sony’s PlayStation business beginning in 1995. He became President of the PlayStation division in 2006 and the CEO of Sony’s games and consumer electronic divisions in 2009. His pay cut strategy is similar to that of Nintendo boss Satoru Iwata, who also took a 50 percent pay cut, with Nintendo board members taking 20-30 percent pay cuts each.



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Iwata took a 50% pay cut recently and Nintendo isn't in "going bust" levels of trouble - I'm not sure if it is as big a deal for a Japanese CEO to take a significant pay cut as it might be for an American one



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I thought they already took a cut last year.



radishhead said:
Iwata took a 50% pay cut recently and Nintendo isn't in "going bust" levels of trouble - I'm not sure if it is as big a deal for a Japanese CEO to take a significant pay cut as it might be for an American one


could you please post the whole article on here for me. I just know how to post the link. I'm not the best at making threads,but I try. thanks in advance.



think-man said:
I thought they already took a cut last year.

I thought that too till the Iwata comment above. Might be getting them mixed up!



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The bad news is their losses which we already knew about. The top brass getting pay cuts is not bad news, it's well deserved for their complete failure thus far in turning the company around



oldschoolfool said:
radishhead said:
Iwata took a 50% pay cut recently and Nintendo isn't in "going bust" levels of trouble - I'm not sure if it is as big a deal for a Japanese CEO to take a significant pay cut as it might be for an American one


could you please post the whole article on here for me. I just know how to post the link. I'm not the best at making threads,but I try. thanks in advance.

Done!



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Well, when Iwata and Co announced they'd do this it was seen as such a "honorable" and "respectable" thing to do so I guess this is the same.



oldschoolfool said:

http://www.ign.com/articles/2014/05/13/sonys-ceo-executives-taking-50-pay-cut-losing-bonuses?abthid=5371f41461aefe811f00000c-----link. I'm shocked nobody posted this. Just read the article. It just basically saids that it's not looking good for sony and there upcoming losses is worst then expected. Sony's top brass is taking a %50 paycut and forgoing there bonuses. I prefer sony,but I'm not loyal 2 them. If they go bust,then I'd just switch to xbox are nintendo with no hesitation. thoughts??? 

CEOs taking paycuts is not really news anymore. Most CEOs get payment in stock and perks anyway. By taking a paycut, they improve the outlook and bottom line of the company and benefit by having their stock worth more. Most of Sony's bad news has to do with the repercussions of finally cutting departments that are not doing well (TV and VAIO)



So instead of 10 million they will earn 5 million a year now? DOOOOM



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