This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.guardian.co.uk/technology/2013/may/01/sony-senior-management-give-up-bonuses

The article has changed 3 times. There is an RSS feed of changes available.

Version 0 Version 1
Sony senior management give up bonuses worth £6.6bn Sony senior management give up bonuses worth £6.6m
(about 5 hours later)
Dozens of executives at Sony have agreed to forgo bonuses worth an estimated ¥1bn (£6.6m) after failing to return the firm's ailing consumer electronics division to profit.Dozens of executives at Sony have agreed to forgo bonuses worth an estimated ¥1bn (£6.6m) after failing to return the firm's ailing consumer electronics division to profit.
The decision means the 40 executives will face pay cuts of up to 40%. While executives in the electronics division gave up their bonuses last year, this is the first time that senior management in the group, including chief executive Kazuo Hirai, have had to atone financially for the firm's poor performance in a key market.The decision means the 40 executives will face pay cuts of up to 40%. While executives in the electronics division gave up their bonuses last year, this is the first time that senior management in the group, including chief executive Kazuo Hirai, have had to atone financially for the firm's poor performance in a key market.
In the latest of a series of drastic cost cutting measures Sony recently cut 10,000 jobs in Japan and overseas – about 6% of its workforce – and halved TV production targets. It also sold off the group's headquarters in New York for more than $1bn (£642m) and its Sony City Osaki premises in Tokyo. In the latest of a series of drastic cost-cutting measures, Sony recently cut 10,000 jobs in Japan and overseas – about 6% of its workforce – and halved TV production targets. It also sold off the group's headquarters in New York for more than $1bn (£642m) and its Sony City Osaki premises in Tokyo.
The salary reductions are an embarrassment for Hirai, who last year promised to bring the firm's electronics division back into profit. But the division has stayed in the red amid slumping sales of its PCs, games consoles, and flat-screen TVs. Faced with increasing competition from rivals in South Korea and Taiwan, Sony's TV sales failed to turn a profit last year for a ninth consecutive year. The salary reductions are an embarrassment for Hirai, who last year promised to bring the firm's electronics division back into profit. But the division has stayed in the red amid slumping sales of its PCs, games consoles and flat-screen TVs. Faced with increasing competition from rivals in South Korea and Taiwan, Sony's TV sales failed to turn a profit last year for a ninth consecutive year.
Hirai and his predecessor Sir Howard Stringer gave up their bonuses in 2011 and agreed to base salary cuts after the company had sustained record net losses the previous year of ¥457bn. Despite its consumer electronics woes, Sony said it expects to show a net profit of ¥40bn for 2012, its first profit for five years and double its February forecast. The group's performance has improved in recent months amid a sharp fall in the value of the yen and a rise in the Japanese stock market. Hirai and his predecessor, Sir Howard Stringer, gave up their bonuses in 2011 and agreed to base salary cuts after the company had sustained record net losses the previous year of ¥457bn. Despite its consumer electronics woes, Sony said it expects to show a net profit of ¥40bn for 2012, its first profit for five years and double its February forecast. The group's performance has improved in recent months amid a sharp fall in the value of the yen and a rise in the Japanese stock market.