Tuesday, June 12, 2012

Nintendo cutting summer bonuses by 20% - report

Employees hit following weakbusiness performance last fiscal year
The company has also reduced executive compensations from last year,according to Japanese business paper Nikkei (via Reuters ).
The platform holder posted its first ever annual loss for the year ended March 31, 2012. The 3DS and Wii maker reported a net loss of 37.3 billion yen (£284.2 million), while sales fell 36.2 percent year-on-year to 648 billion yen (£4.9b).
Last July, Nintendo CEO SatoruIwata announced that he wasto take a 50 percent pay cut after claiming that the blame for poor early 3DS sales lay at his door.
"For cuts in fixed salaries, I'm taking a 50 percent cut, otherrepresentative directors are taking a 30 percent cut, and other execs are taking a 20 percent cut," he said .

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