In light of last week’s financials, Nintendo’s president Saturo Iwata has confirmed that he is to take a 50% pay cut to compensate for the company’s fall in profits. Following alterations to the sales expectations for Wii U and 3Ds, the big N’s share price dropped by a staggering 17%, which typifies a disappointing year for the esteemed developer after it recorded its third consecutive annual loss.
Along with the company’s president, Shigeru Miyamoto and Genyo Takeda are to take up 30% pay cuts, respectively, while other members of the Nintendo board will omit 20% from their salaries. This rather humble acknowledgement is set to come into effect at the beginning of February and will last for five months. From then, Nintendo plans to review the financial performance and make further adjustments accordingly.
Interestingly, this wage reduction echoes the 3Ds price cut back in 2011; a time that also saw Mr.
Along with the company’s president, Shigeru Miyamoto and Genyo Takeda are to take up 30% pay cuts, respectively, while other members of the Nintendo board will omit 20% from their salaries. This rather humble acknowledgement is set to come into effect at the beginning of February and will last for five months. From then, Nintendo plans to review the financial performance and make further adjustments accordingly.
Interestingly, this wage reduction echoes the 3Ds price cut back in 2011; a time that also saw Mr.
- 1/29/2014
- by Michael Briers
- We Got This Covered
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