Bloomberg News

Sony Offers 11% Executive Pay Cut After Worst Loss Since 1995

June 08, 2011

June 8 (Bloomberg) -- Sony Corp., which last month posted its widest annual loss since 1995, is proposing an 11 percent cut in salary and bonuses for board members and corporate executive officers in the year ended in March.

Sony seeks shareholder approval to pay a combined 1.1 billion yen ($14 million) to 24 executives, including Chairman Howard Stringer, for that fiscal year, according to an invitation for the annual general meeting posted on its website. That compares with the 1.24 billion yen paid to 20 executives a year earlier, according to the company. The numbers don’t include stock options, according to the document.

Japan’s biggest consumer electronics exporter last month posted a third consecutive annual loss for the first time since its listing in 1958. Sony also forecast a lower profit than analysts’ estimated this fiscal year as it seeks to recover from Japan’s record earthquake and copes with hacker attacks against its online networks.

Sony rose 0.3 percent to 2,038 yen at the 3 p.m. close of trading in Tokyo today.

The annual general meeting is scheduled for June 28.

--With assistance from Yoshinori Eki in Tokyo. Editors: Anand Krishnamoorthy, Dave McCombs

To contact the reporter on this story: Mariko Yasu in Tokyo at myasu@bloomberg.net

To contact the editor responsible for this story: Young-Sam Cho at ycho2@bloomberg.net


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