Top executives at Sony Corp. (NYSE:SNE) are returning their bonuses after the Japanese company’s consumer electronics business notched a second year of losses.
Chief Executive Kazuo Hirai proposed the unusual move to the board, which entails some 40 leaders surrendering bonuses worth 30 to 50 percent of the executives’ compensation, Bloomberg News said on Wednesday.
The total amount returned is estimated at about $10 million. Hirai is struggling to lead Sony out of a slump in its main business.
To that end, the company has cut 10,000 jobs, roughly 6 percent of its payroll, slashed its unprofitable TV production unit and sold off the consumer electronics' $1 billion New York City office.
Mike Obel works as Senior Editor, Copy Chief. Before that he was Markets Editor, assigning, editing and writing about business, markets, finance and economics. Before coming...