Top Sony bosses in bonus surrender

 

Seven Sony executives, including the chairman Sir Howard Stringer and president Kazuo Hirai, are giving up their performance-based bonus pay.

The Japanese electronics giant yesterday said they were forgoing bonuses for the year to March because of the challenges to turn around the business. Sony did not say how much money was being returned.

The company racked up its fourth straight year of red ink for the fiscal year ending in March but it is projecting a return to profit this year.

Mr Hirai has promised to make "unavoidable, painful choices" to fix or dispose of poorly performing divisions, and says he will shift resources from televisions to video games, mobile phones and digital-imaging products such as cameras and image-sensing microchips, areas where he believes Sony has stronger competitive advantages.

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