Sony CEO, Top Execs to Return $10 Million in Bonuses Amid Electronics Unit Losses
CEO Kaz Hirai has suggested that about 40 senior Sony managers pay back bonuses as the unit is set to report another loss for the latest fiscal year.
TOKYO – Sony Corp. CEO Kazuo Hirai has suggested that he and about 40 senior executives and managers forego up to $9.78 million (￥1 billion) in bonuses to take responsibility for continuing losses at the conglomerate's electronics division.
Hirai had promised to return Sony's electronics operations, once the backbone of the conglomerate, to profitability. But losses have mounted despite the sale of its Vaio computer business and the TV business being spun off into a separate entity.
The proposal from Hirai calls for all corporate-level executives, along with senior management from the electronics operation, return their bonuses for the fiscal year that ended March 31 to take responsibility for the failure.
Sony will announce its earnings for the year ended in March in Tokyo on Wednesday, followed by a strategy presentation by Hirai on May 22.