Panasonic chiefs take 50% pay cut
Worldwide, Daily news | ankakh | April 17, 2013 16:45The president and chief executive of Japanese electronics giant Panasonic will have their salaries halved as part of a move to take the blame for the firm’s financial woes, the company said Wednesday.
President Kazuhiro Tsuga and Chairman Fumio Ohtsubo have been returning 40 percent of their pay since November as a voluntary measure, while other executives have also given back up to 20 percent of their wages, a company spokeswoman said.
But as of July, the programme will be made official, she said.
The president and incoming-chairman Shusaku Nagae will receive a 50-percent pay cut, she said, adding pay reductions for other executives were to be formalised.
Japan’s entire electronics sector has suffered from slow demand, falling prices and stiff international competition.
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