Michael Lynton's $11M Salary at SPE Disclosed, Sony CEO Kaz Hirai Increased Pay to $10M
The figures for the former head of Sony Entertainment and the Sony CEO were revealed at the parent company's financial filings in Japan after a reorganization of its corporate structure.
Michael Lynton earned $11.1 million, including bonuses and stock options, at Sony Entertainment in his last year as head of the entertainment division before leaving for Snap Inc. His salary amounted to more than Sony CEO Kaz Hirai received for heading up the entire entertainment and electronics conglomerate.
Lynton received a basic salary of $2.5 million, a bonus of $6.8 million and stock options currently worth around $1.8 million for overseeing the company's film, TV and networks divisions, as well as Sony Music Entertainment and Sony/ATV music publishing. The huge bonus was despite Sony Pictures' struggles at the box office and the large loss recorded last year. The devastating hack on SPE at the end of 2014 revealed a salary at the time of $3 million for Lynton, though this didn't appear to include bonuses or stock options.
Hirai earned $9.9 million in the year to March, an increase from his $4.9 million pay for the previous year, due mainly to an extra 100,000 shares in stock options, which are worth more thanks to a rise in Sony's stock price. His base salary was $2.1 million, like last year, plus a bonus of $2.65 million and options worth $5.1 million.
Sony is predicting its highest profit level in two decades for the current fiscal year.
Sony recorded a full-year profit of $655 million (￥73.3 billion) for the period to the end of March and is forecasting profit of Sony is forecasting a 250 percent jump in operating profit to ￥255 billion, currently $2.3 billion, for the current fiscal year, which would its best results in two decades.
Sony stock rose nearly 2 percent in Tokyo to ￥4,135 ($37.70) on Thursday and is up more than 46 percent over the last year.
The 100th Sony shareholders' meeting was held on Thursday morning, at which its board of directors was approved, before the pay figures were filed with Japanese authorities as part of Sony Corp.'s financial disclosure.
June 15, 3:30 a.m. Corrected and updated information about Kaz Hirai's year-ago salary.