Tuesday, May 13, 2014

Sony Downdraft

This has got to sting.

... Current CEO and President of Sony – Kaz Hirai – is preparing to take a 50 percent pay cut while declining his annual bonus, according to The Wall Street Journal. Other unnamed high-level Sony executives will follow suit in a sign of solidarity with their struggling company, which will post an annual loss for the fourth time in five years. ...

Less than two weeks ago, Sony revealed that it expected to post a $1.27 billion loss for the 2013 fiscal year. In February, it forecasted better numbers, predicting a $1.07 billion loss. Either way, such a loss is a far cry from the $489 million profit it expected to turn in 2013. ...

Of course, that's the parent company. No word yet if Amy Pascal and associates (of Sony Pictures, Sony Pictures Animation, etc.) are going to be doing any belt-tightening of their own.

I don't remember any Hollywood movie execs taking 50% pay cuts, but I get around so little. Maybe somewhere, some time it's happened. Maybe.

But somehow I don't think so.


Site Meter