The top 40 managers at Sony are foregoing bonuses; the payout is estimated to be worth $10 million.
Forty executives at Sony will not be receiving bonuses this year in a bid to combat the company’s financial loss, The Raw Story has reported. Among those who are foregoing the bonus is chief executive Kazuo Hirai.
A Sony spokeswoman said that the move was ’due to severe business circumstances, including stagnant performance in the electronics sector’.
The payout is estimated at 1 billion yen ($10 million) by the Nikkei business daily.
In the previous year, seven Sony executives voluntarily gave up their bonuses. The organisation is also initiating a restructure, which includes thousands of job cuts.
Just last month, Sony doubled its predicted earnings for the financial year ending March 2013. The sale of the New York City-based headquarters and the City Osaki office in Tokyo netted the company $1.1 billion and $1.19 billion, respectively. Sony conducted the sales as part of a wider initiative aimed at strengthening its corporate structure and returning to a profit.
Sony will release its full earnings report on May 9.
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