Sony CEO – Kaz Hirai – and other top Sony executives have decided to take a 50% pay cut after reporting a $1.27 billion loss for the 2013 fiscal year. Even though the Playstation division is turning a profit it is the rest of the company that is dragging Sony down financially. Sony is selling off their PC division and their investment into 4k televisions has not seemed to pay off as of yet. Considering Sony expected to make $489 million in profit in 2013, these reports of a loss required a drastic action.
This move to take a pay cut was just recently performed by the CEO of another Japanese gaming giant – Satoru Iwata of Nintendo. Iwata also took a 50% pay cut due to the underwhelming sales of the WiiU.
It almost seems honorable that these CEO’s would take pay cuts instead of taking the easy way out and firing off employees. Let’s hope both companies can get back on their feet in 2014.