Sony Executives to Give Back Bonuses for Second Year in a Row

According to this Bloomberg report Sony executives have agreed to forgo salary bonuses for the second year in a row following another year of less than stellar profits from the electronics giant. According to a Sony spokesperson (speaking to Bloomberg), around 40 of the company's executives will return bonuses scheduled to be paid out following a general shareholders meeting this June. The decision was proposed by Sony CEO Kaz Hirai and later backed by the Sony board.

This news comes on the heels of Sony's revision of its fiscal-year forecast, doubling its forecast for the fiscal year ending March 2013. The change in the forecast is due to a number of factors including the sale of property in the U.S., asset sales, Japan and the depreciation of yen and revenue obtained through asset sales. Those gains have been offset by losses in the TV and mobile business space though.

Sony did not say just how much money in bonuses will be given back to the company by its executives, but one can assume it is in the millions.

Source: Polygon

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