Sony Corp. President Kazuo Hirai and seven other corporate executive officers will give up their bonuses for the fourth consecutive year to take responsibility for the company's massive loss for fiscal 2014, company sources said Thursday.
The eight executives, including Executive Deputy President and Chief Financial Officer Kenichiro Yoshida, will also continue to see a 5 to 10 percent cut in their basic salaries.
As a result, the annual pay of Hirai and Yoshida will be roughly halved, while the remaining six will see their pay cut by around 40 percent.
The plan comes after Sony reported a group net loss of ¥125.98 billion for the year ended March 31, little changed from its loss of ¥128.37 billion in fiscal 2013.