Sony: CEO Took 16 Percent Pay Cut Last Year

June 29, 2011

Sony CEO Howard Stringer took a 16 percent pay cut last year, the company announced at its shareholder meeting on Tuesday. Sony said that Stringer's salary and bonuses fell to right around 345 million yen, or roughly $4,268,807 (according to currency conversion site XE.com). Earlier in the week shareholders asked Stringer to resign from his post as CEO. Obviously Sony and Stringer are not entertaining that idea at all.

The shareholder anger is directly related to the security breach in April, Sony's handling of the situation, and the inevitable price tag, which the company estimates at $14 billion yen.

Stringer tried to console investors by saying that since the PlayStation Network came back online, around 90 percent of its subscribers have returned and he apologized for how the company dealt with the security breach.

Source: BBC

 

Comments

Re: Sony: CEO Took 16 Percent Pay Cut Last Year

Submitted by ecco6t9 on Thu, 06/30/2011 - 16:06.

They call everyone of their ideas "Million Dollar Ideas" it will either make or lose millions if it's the latter cost even more millions to fire the guy.

Re: Sony: CEO Took 16 Percent Pay Cut Last Year

Submitted by Neo_DrKefka on Thu, 06/30/2011 - 10:53.

Bottom line CEO's suck they stretch out what they can do for so little and then turn the company into shit for an example please see SEARS

Close my account, thanks

Re: Sony: CEO Took 16 Percent Pay Cut Last Year

Submitted by Chirmaya on Wed, 06/29/2011 - 23:27.

You did the currency conversion incorrectly. 36 million yen is about 447,550.76 USD according to that site. You can always get a ballpark guess by pretending yen are pennies, which would work out to 360,000.

Re: Sony: CEO Took 16 Percent Pay Cut Last Year

Submitted by Erik on Wed, 06/29/2011 - 21:06.

I think even if he took a 99% pay cut he would be okay.  I have a hard time feeling any sympathy for someone who lost more money in a year than I will make in a lifetime.

-Ultimately what will do in mankind is a person's fear of their own freedom-

Re: Sony: CEO Took 16 Percent Pay Cut Last Year

Submitted by SpiralGray on Wed, 06/29/2011 - 22:25.

Working the math backwards, his pay cut amounted to roughly $813,106. To put that in perspective, a person making $24k a year would require 33 years to earn that much money.

I'm with you, I can't really muster any sympathy for the guy.

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