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Sony's Kaz Hirai agrees to pay cut ahead of tomorrow's consolidated financial result -- report

According to the Wall Street Journal, Kazuo Hirai, President and CEO of Sony Corporation, will accept a hefty pay reduction ahead of the format holder’s consolidated financial result, due tomorrow.

Sony has yet to issue comment on the matter, though it is believed that Hirai and a number of executives within the corporation will take up to a 50 per cent annual pay cut by waving goodbye to their bonuses.

Earlier this month, the company said it anticipates a net loss of 130 billion yen ($1.3 billion) for the financial year ended March 31, 2014. This would mark the fourth annual loss in half a decade.

Back in February, the firm predicted a 110 billion yen loss ($1.1 billion) for the fiscal year, and in October 2013, forecast a profit of 30 billion yen ($294 million).

Hirai-san, who was promoted to his current position within Sony on April 1, 2012, is expected to deliver his long-term strategy for the company on May 22. His plans to return to growth include rebuilding the firm’s electronics division around video games, imaging technologies and mobile platforms.

Sony announced recently that PS4 had sold over seven million units of hardware globally.