Sony CEO Kenichiro Yoshida’s annual pay fell around 10 percent to $3.67 million (?397 million) last year after his promotion to the top job, due to a drop in his performance bonus. He earned more in the previous year as chief financial officer and vice president, despite Sony Corp. posting a record $8.3 billion (?916 billion) annual profit for the year to March 2019.
Yoshida’s base salary doubled to $1.47 million (?160 million) after he succeeded Kaz Hirai in April 2018, but his performance bonus fell by $1.1 million, according to filings made by Sony Corp. with Japanese financial authorities on Tuesday afternoon.
Hirai landed a $10.66 million retirement payment last year to add to his $2.2 million base salary and $5.84 million in performance bonuses, for a total compensation package of $18.7 million.
Compensation for Sony Pictures boss Tony Vinciquerra was not included in the filing, as he is not a corporate executive officer of parent company Sony Corp., as former head Michael Lynton was. The head of Sony Pictures usually earns more than the head of the parent company because CEO and executive salaries in Japan are far lower than in the U.S.
The 102nd Sony shareholder meeting was held on Tuesday morning, at which its board of directors was confirmed before the pay figures were filed as part of Sony Corp.’s financial disclosures.
Dan Loeb, activist investor and head of the Third Point hedge fund, last week called on Sony Corp. to break up its electronics and entertainment units into separate businesses.
Sony stock closed down slightly in Tokyo, trading at ?5,623 ($51.92), and is up around 5.5 percent over the last year.