Seven Sony Corp. executives, including Chairman Howard Stringer and President Kazuo Hirai, are giving up their performance-based bonus pay.
The Tokyo-based electronics and entertainment company said Wednesday they were forgoing bonuses for the fiscal year through March because of the massive challenges to turn around its business.
Sony did not disclose how much money was being returned. The company paid 224 million yen ($2.8 million) in such bonuses for the fiscal year through March 2011 to eight executives.
Sony racked up its fourth straight year of red ink for the fiscal year ended March. It is projecting a return to profit this year. Sony makes the Walkman player and PlayStation 3 game machine.