Sony Corporation has revealed that a number of its top executives will relinquish their bonuses after the console maker’s consumer electronics business failed to turn an annual profit.
Some 40 bigwigs within the company will give up their bonuses, which are worth up to 50 per cent of their salary, including Sony president and CEO, Kazuo Hirai.
The move comes as a result of “severe business circumstances, including stagnant performance in the electronics sector.”
While the company has yet to divulge how much money it will save as a result, the BBC reports that Japanese media puts the figure at around 1 billion yen (£6.6 million).
Sony’s yearly financial report will be revealed on May 9. Last week, it was confirmed that the electronics giant had doubled its forecast for the fiscal year ended March 31 to 40 billion yen.