Sony's top executives will return their annual bonuses as the company's electronics business struggles with losses. According to the Nikkei more than 40 executives involved with the electronics and headquarters operations will give up amounts equivalent to 30-35 percent of their annual pay.
The move has been organised by Chief Executive Kazuo Hirai and the bonuses being returned could reach $9.8 million. Sony will report on Wednesday results for the year ended March 31 and the numbers are expected to be grim. The company will also put on hold commercial development of OLED (organic-light emitting diode) television and focus on the 4K ultra high-definition LCD TVs to bring its TV business back to profitability, the daily said in a separate report.
Sony said in February it would spin off its TV operations into a separate business and sell its Vaio personal computer division as part of a broad restructuring.