Sony execs agree to forego their fiscal 2012 bonuses for the poor performance of its electronics division
Around 40 executives at Sony and its group companies will forego their fiscal 2012 bonuses in a responsibility-taking gesture for the poor performance of its electronics business. Since the bonuses constitute 30 to 50 percent of their salaries, the move probably represents hundreds of millions of yen. The idea, proposed by Sony President Kazuo Hirai and the management, was approved by Sony’s outside directors. This is the first time for leaders from Sony’s corporate headquarters and its group companies to give up their bonuses in the same year, and the second consecutive year for its corporate officers to do so.
The decision signals that the mainstay electronics division failed to turn itself around despite restructuring measures that have cost 10,000 people their jobs at home and abroad and shuttered a factory in Gifu Prefecture.