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Howard Stringer Gets 16% Salary Reduction

Jun 28 2011, 4:59pm CDT | by , in News | Gaming

Howard Stringer Gets 16% Salary Reduction

After a year of massive headaches...

The man at the top of the entire Sony corporation has taken a 16% cut in pay following a disastrous year.

The company has has a rough few years, posting losses in every one of its annual reports since the close of its 2008 fiscal year.

But the fiscal year that just wrapped up was even more of a debacle than anyone anticipated, and it was all because of completely unexpected events.

Because of this, Sir Howard Stringer is setting an example by having allowed his income to be slashed by 16% over the last year.

That means his total compensation for the fiscal year that just ended was 345 million yen, or about $4.27 million.

That's in addition to 500,000 shares of Sony stock, which is worth 518 million yen at the moment. While few of us can hardly feel sympathy for this kind of monetary "cut-back," all of this is substantially less than what the CEO received in the previous year.

In the recently released numbers about the company's fiscal year, it was revealed that Sony lost nearly 260 billion yen.

It was an incredibly rough year, as the Japanese earthquake - the largest one ever recorded in the planet's history - caused severe disruptions in Sony's manufacturing operations.

Additionally, the company was forced to take its PlayStation Network online gaming service offline for more than a month, crippling its gaming unit and causing what some consider irreparable harm to its brand image.

The price of Sony stock has sunk 29% compared to where it was at the beginning of 2011, before the earthquake and tsunami.

For Sony, though, it's onward and upward from this point on. The company boldly predicted it could turn a profit in this upcoming fiscal year, saying it expects a profit of 80 billion yen.

Via Bloomberg

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