Sony chairman takes pay cut
Source: Bloomberg News |
June 29, 2011, Wednesday
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Print Edition
Print Edition
SONY Corp Chairman Howard Stringer took a 15 percent pay cut as the company slashed compensation for executives who oversaw a third straight year of losses.
Stringer earned 345 million yen (US$4.3 million) in salary and bonuses for the 12 months ended March 31, a decrease from 408 million yen a year earlier, Sony's filings to the government show. He also received 500,000 shares as stock options, unchanged from the prior period.
Stringer, 69, addressed shareholders at their annual meeting yesterday, vowing to focus on networked services, 3D products, new technologies and emerging markets to boost growth.
The Tokyo-based electronics maker, recovering from the March 11 earthquake and hacker attacks on its entertainment network, has lost 30 percent of its market value this year. That compares with a 5.7 percent drop for the Nikkei 225 Stock Average.
The company estimates the hacks will cost 14 billion yen in increased customer support costs, freebie packages to welcome back customers, legal fees, lower sales and measures to strengthen security.
Sony, Japan's biggest exporter of consumer electronics, had a net loss of 260 billion yen in the year ended March 31, the widest annual loss in 16 years.
Vice Chairman Ryoji Chubachi was paid 123 million yen excluding stock options, down from 148 million yen the previous year.
Stringer earned 345 million yen (US$4.3 million) in salary and bonuses for the 12 months ended March 31, a decrease from 408 million yen a year earlier, Sony's filings to the government show. He also received 500,000 shares as stock options, unchanged from the prior period.
Stringer, 69, addressed shareholders at their annual meeting yesterday, vowing to focus on networked services, 3D products, new technologies and emerging markets to boost growth.
The Tokyo-based electronics maker, recovering from the March 11 earthquake and hacker attacks on its entertainment network, has lost 30 percent of its market value this year. That compares with a 5.7 percent drop for the Nikkei 225 Stock Average.
The company estimates the hacks will cost 14 billion yen in increased customer support costs, freebie packages to welcome back customers, legal fees, lower sales and measures to strengthen security.
Sony, Japan's biggest exporter of consumer electronics, had a net loss of 260 billion yen in the year ended March 31, the widest annual loss in 16 years.
Vice Chairman Ryoji Chubachi was paid 123 million yen excluding stock options, down from 148 million yen the previous year.
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