Satoru Iwata to take 50% pay cut, Nintendo board has pay cut too
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Nintendo has announced alongside its quarterly report today that Satoru Iwata and the Nintendo board will all take pay cuts.
Satoru Iwata will be hit the most with a 50% cut to his salary, Shigeru Miyamoto and Genyo Takeda will both take a 30% cut as well. Not only that but the rest of the board and directors will be take a 20% reduction as well.
The pay cut will take effect from February to June after that they will look at market conditions and decide then.
Previously, Satoru Iwata has said he would rather take a pay cut (and his board too) instead of laying off staff. This pay cut will help Nintendo as it struggles through a rough period.
Source: AFP
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Have they release what the salaries are? It would be nice to know what kind of financial impact cutting salaries like that has on a company.
The concept of a management pay cut instead of firing employees is so Japanese, an American (hell even an Australian) company would have laid off a ton of “factory floor” level workers before the boss would have to take home less money. How many times have we seen CEO’s, etc get multi million dollar “Golden Parachutes”