A spokesperson for the trouble Japanese electronics giant said that, “our top management proposed to return their bonuses and that was accepted in the company’s compensation committee as appropriate.” It will make the third consecutive year that top SNE executives have not received bonuses. SNE CEO Kazuo Hirai has not taken a bonus since assuming leadership of Sony in 2012, Agence France-Presse noted.
This year’s unpaid bonuses could total $10 million. The announcement comes as SNE prepares to release full-year earnings, which are expected to show a wider loss. SNE has warned that it will report an annual net loss of $1.27 billion.
Earlier this year, Sony said it would sell its personal computer unit and separate its TV business into a wholly-owner subsidiary as part of yet another restructuring.
Once the world leader in electronics, SNE has been battered by rapid price declines in the flatscreen TV market, as well as competition from Apple (AAPL) and Samsung in personal entertainment gadgets. Its new PlayStation 4 video game console has been a bright spot for the company, outselling Microsoft‘s (MSFT) Xbox One console.
SNE stock rose more than 1% in Tuesday morning trading. On Monday, Sony stock closed at $17.45 per share.
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