Sony is going through some hard times. To make these circumstances less turbulent, Sony has decided to cut the yearly bonuses of 40 of its executives. This was reported by The Raw Story. Even Sony CEO Kazuo Hirai will not be receiving his yearly bonus.
Sony will save an estimated amount of 1 billion yen or ten million dollar through this measure.
Last year seven Sony executives willingly gave up their bonuses.
Besides this measure, Sony has handed thousands of job cuts to save money. Furthermore, Sony has sold two of its buildings in New York and Tokyo. These sales made Sony $1.1 billion and $1.19 billion respectively.
All this is being done in an attempt to make Sony meet its annual net profit forecast for the last fiscal year to March. Sony expects to earn 40 billion yen as a weaker yen and the asset sales helped boost its bottom line.
If this happens then it will be the first time after four years Sony has posted a net profit. In the last year Sony lost 456.66 billion yen. You can see why they are taking all these drastic steps to ensure a net profit this year.
Sony will release its fiscal on May 9th.
Source: Business Inquirer