TOKYO, June 5 Sony Corp CEO Kazuo Hirai will
earn less this year despite his elevation in April from deputy
to the top post, after the once stellar consumer electronics
company posted a record loss and its fourth straight annual
Shareholders will be asked to approve payments totalling 799
million yen ($10.21 million) in base salary payments to 21
executives for the business year that ended on March 31,
according to documents submitted to stock owners on Tuesday
ahead of its annual June 27 shareholders' meeting.
Seven of those eligible for bonuses paid in the current
year, Hirai included, have returned the significant end-of-year
portion of their pay following Sony's dismal performance, the
Bonuses to eight executives last business year totalled 224
million yen, or about a fifth of overall compensation paid to
the most senior managers.
Monthly salaries would shrink this year too, Sony spokesman
George Boyd said. "The base rate will continue to be cut," Boyd
Hammered by a TV business that has accumulated losses in
excess of $10 billion in the past decade amid competition from
foreign rivals, particularly Korea's Samsung Electronics
, Sony under Hirai is looking to turn around its
Hirai said he would focus on expanding Sony's gaming
business, digital cameras and mobile phones, begin a medical
unit and look to slash costs.
Investors, however, have yet to be convinced that Hirai has
a plan that will halt the losses. Its share is trading at its
lowest level in more than three decades and is down almost 40
percent since the business year started.
Shareholders in June will also be asked to approve Sony's
($1 = 78.3 yen)
(Reporting by Tim Kelly; Editing by Nick Macfie)