Sony execs give up their bonuses following electronics losses

A second straight year of unprofitability at its electronics unit has led a number of high-level Sony execs to forfeit their bonuses.

That’s despite Sony returning to overall profitability for the first time in five years last week.

Bloomberg reports that the proposed forfeiture was suggested by chief executive Kaz Hirai and subsequently backed by the board. The execs in question would have been due to receive bonuses worth between 30-50 per cent of their annual salaries.

Both Hirai and his predecessor Howard Stringer refused their bonuses last year.

The move continues Hirai’s cost-cutting pledge, which will also include shedding some 10,000 jobs and distancing itself from the TV sector.